Reverse Mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a financial solution that keeps senior homeowners, age 62 and older, in their homes while capitalizing on its equity.
Reverse mortgage funds can be used in any way that you see fit, for example, to supplement retirement income, help fund health care necessities, pay for home improvements and, particularly, to secure and set aside a ready cash reserve.
The greatest benefit of a reverse mortgage is that there are no payments due as long as you live in your home.