A reverse home mortgage might just be what some senior citizens can obtain to help themselves climb out from underneath those piles of bills.
A reverse mortgage would allow a senior citizen to borrow equity against the value for their house. As long as they live there, they will not have to pay back the loan, and can use the money to pay bills or finance other projects. They money is given as one sum and is available tax free.
Usually there is only a small amount of criteria needed to qualify, however, if the senior citizen dies or decides to leave their home, the loan will become due.
Anyone considering a reverse loan should read the fine print, as there might be other costs associated with the loan, such as insurance or closing costs that must be factored in.
