Reverse Mortgages
You hear a lot on the TV and radio these days about reverse mortgages. Reverse mortgages are a way to slowly take out the equity in your home in order to supplement your income. This is especially desirable for seniors whose retirement may not have kept up with inflation or have different needs than expected.
You can even get a reverse mortgage, called a mortgage called a Home Equity Conversion Mortgage through the HUD. The HUD requires that you be 62 years of age or older, that you have mostly paid off your property (they will pay off small loan amounts if necessary), and that you attend reverse mortgage counseling before agreeing.
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