Senior citizens are entitled to a benefit called reverse mortgage. This process grants homeowners 62 years and older to access a portion of their home equity without having to pay any mortgage loan payments. A lender buys back this equity from the senior and pays for it monthly with cash. This benefit has allowed many seniors to put money toward retirement and pay for things like everyday living expenses, medical bills, home repair and debt.
Facts about reverse mortgages:
You continue to live in the home and retain title and ownership of it.
No repayment is required as long as the borrower owns and lives in the home.
The funds may be used for any purpose.
You receive any remaining equity after the loan is paid off.