If you are at least 62 years old and own your own home, a Reverse Mortgage loan may be a useful financial tool. There is no limitation on how you use the money, so you can cover medical expenses, fund education for your grandchildren, or most any other reason.
With a Reverse Mortgage loan, you can access the equity in your home. The loan would come due when you sell the home, move out permanently, or pass away. Stipulations include maintaining primary residence, keeping current on property tax and insurance, and making sure the house is properly maintained.
As part of the process, you will then work with an independent Reverse Mortgage Counselor who can help you evaluate all the risks and benefits.”