A reverse mortgage enables senior homeowners, 62 years and older, to convert a part of the equity in their home into tax free income without having to sell the home, give up title or take on a new monthly mortgage payment.  As there are no restrictions on the use of funds, the process can be used to improve the quality of life and make your retirement years more enjoyable.

Borrowers will never, under any circumstances, resulting from a reverse mortgage be forced to leave their homes, providing they keep their home in good living condition and maintain their real estate property tax and insurance.

Funds received from a reverse mortgage can be used in virtually any way the borrower chooses.  A borrower may receive their funds in a lump sum, in monthly increments, as a credit line, or any combination of these options (not all programs available in every state).  As for repayment, the loan is repayable when the borrower sells the home or permanently moves out.  In addition the repayment amount cannot exceed the value of the home.

This flexibility paired with no monthly mortgage payments allows senior borrowers to use their equity for many different purposes, such as paying off debts, assisting with medical bills or renovating their homes.

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