Many of our older Americans are using a Reverse Mortgage program to convert the equity in their homes into cash needed TODAY!  The concept of a Reverse Mortgage, does exactly that, reverses the payment stream.  Instead of paying a monthly mortgage payment, your mortgage lender pays YOU monthly a stipend of your equity.

There are no requirements for usage of the funds you receive, such as home improvements, daily living needs or paying off debt.  In order to qualify for a Reverse Mortgage you must be at least 62 years old and own your own home.  There are no income requirements, medical requirements, or anything to qualify.

The funds from a Reverse Mortgage can be disbursed in a lump sum at closing or in a monthly stipend, or a line of credit.  Any funds received from a Reverse Mortgage are tax-free and does not affect Social Security and Medicare benefits.  However, certain kinds of government assisted programs, such as, Medicaid or State Assisted programs can be affected and you should check with your local Area Agency on Aging to be certain.

No payment is due on a Reverse Mortgage while it is outstanding.  The loan becomes due and payable when you cease to occupy your home as a primary residence.

Another great alternative for seniors are Life Settlements.