If you are 62 years of age or older and own your own home, you may benefit from a special kind of mortgage called a Reverse Mortgage.

This mortgage truly works in a reverse manner, in that you can pull cash from the value of your home without having to repay the loan each month. This type of loan can be paid out to you in several different ways. Typically, there is no payback until you move out of your home, sell your home or until you pass away. You do not need to have income to qualify for this loan. Those who select the Reverse Mortgage option view this program as wisely using their home equity.

As with any lending instrument there are many facets to this product.  Please consult your legal advisor, financial planner, realtor and a reverse mortgage lending specialist prior to making formal decisions.