Reverse mortgages are a means of refinacing your home in order to take out in cash a portion of the equity that has built up over the years.   They are especially attractive to older home owners who need cash and want to avoid depleting their estate through high cost institutional care.  Many persons who have owned their home for over 30 years have no mortgage to pay, but are "home rich and cash poor".  If they sell their home to raise cash and move into an assisted living facility, the money can be used up very quickly.  Reverse mortgages address this situation in a helpful way.  A key feature is that the money that is withdrawn never has to be paid back during the homeowner's life time.  Only if the home is sold or the owner passes away, is the reverse mortgage repaid. 

Very few companies provide reverse mortgages and they are far more complicated than the normal mortgage.  Our best advise is to call us and we can put you in touch with a reverse mortgage loan officer who can explain the programs they have available.