Reverse mortgages allow senior homeowners to convert their homes equity into cash. If you are currently a homeowner 62 years of age or older, and do not plan on selling your home within the next four years, a reverse mortgage may be an option that you want to consider.
There are virtually no eligibility requirements and neither your income nor your credit rating are of any consequence. With a reverse mortgage you don’t have to make monthly repayments as the loan doesn’t have to be repaid until you either pass away or sell your home. You can even obtain a reverse mortgage if you still have a balance on your current mortgage loan. Keep in mind, however, you are still responsible to pay the remainder of the balance for your original mortgage that should this happen.