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Reverse Mortgage
 If you are over the age of 62, a reverse mortgage (sometimes referred to as a reverse annuity mortgage) may be a product worth looking into. A reverse mortgage allows you to borrow against your home equity without making monthly payments. Unlike a traditional mortgage requiring monthly principle and interest payments, a reverse mortgage lender pays the homeowner instead. Interest costs are added to the principal. The loan balance, including principal and accrued interest doesn't have to be repaid until the borrower passes on, sells the house or moves out of it for more than 12 months.
Reverse mortgage borrowers have several options for receiving the money. Many will opt for a lump-sum payment while others choose a line of credit. Then there are others who prefer equal monthly payments that last for as long as a borrower remains in the home. You can rest assured that HomePlaceLoans.com will have all options available to you.
It's important to note that all reverse mortgages are non-recourse, which means the value of the home will satisfy the loan. Even if the home's value falls below the loan balance, the lender cannot come after the borrower's other assets.
Roughly 90 percent of all reverse mortgages are insured by the government through so-called Home Equity Conversion Mortgage (or HECM). Under federal rules, all consumers who obtain an HECM product must undergo financial counseling to ensure they understand the mortgage they're getting.
How much a homeowner ultimately receives in a reverse mortgage is based on a person's age, the location and value of a home and prevailing interest rates. The older the borrower and the lower the rates, the larger the income.
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The reverse mortgage option is great for seniors who have paid off a good portion of their mortgage, and can use extra cash for living expenses or medical bills without having to sell their homes. 
