In the past, the only options you had available were to sell your home, but then you have to move; or get a home equity loan; but of course, that left you with a monthly loan payment.

A "Reverse" Mortgage is another option for you to get the cash you need for everyday living expenses and then some.  It offers a new alternative for getting money from your home that does not require you to leave it or to make regular loan repayments.  With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay a loan.

No matter how this loan is paid out to you, you do not have to pay anything back until you die, sell your home, or permanently move out of your home.  To be eligible for most reverse mortgages, the only two requirement are that you must own your home and be 62 years of age or older.

Credit and income are not an issue, your home stands for the loan.  With a reverse mortgage you don’t have to make monthly repayments, so you don’t need a minimum amount of income to qualify for a reverse mortgage.  You could have no income and still be able to get a reverse mortgage.  With most home loans, if you fail to make your monthly repayments, you could lose your home.  However, with a reverse mortgage, you don’t have any monthly repayments to make, so you can’t lose your home by failing to make them.

Although there are different types of reverse mortgages, all of them are similar in certain ways.  With a reverse mortgage, you remain the owner of your home just like when you had a forward mortgage.  Therefore, you are still responsible for paying your property taxes and homeowner insurance, and for making property repairs.

Reverse mortgages generally must be "first" mortgages, that is, they must be the primary debt against your home.  So, if you now owe any money on your property, you generally must do one of two things: pay off the old debt before you get a reverse mortgage; or pay off the old debt with the money you get from a reverse mortgage.

Whatever your circumstances are, it only takes a few minutes to see how much money is available for you.