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REVERSE MORTGAGES

A reverse mortgage is a loan for home owners 62 and older to payoff their current loan and/or take money out of their home and never have to make a payment as long as they occupy the home. It must be owner occupied and homeowners must still pay their property taxes and home owners insurance. Proceeds are tax free.
There are currently no income, asset or credit requirements.

You just need to be over 62, live in the home and have a decent equity position in your home. Once the borrower has either sold the home or passed away the loan would come due. They or their heirs would either have to sell the home and pay the lender (family keeps any additional equity if there is any) or they can refinance out of the reverse in order to keep the property.
This loan is good for any senior 62 and older that wants to access their home equity as tax free cash (lump sum, line of credit, monthly or tenure payment etc) all while never making another payment as long as they occupy the property. It’s also great for seniors who were unable to meet the income or credit requirements of a home equity line of credit or other home loan because the reverse mortgage does not use income or credit to qualify the borrower for the loan.
More and more, financial planners are recommending it as a tool to allow borrowers to use the reverse to get money rather than drawing down on their investment portfolio.