But today, Wimble isn't worried. Wimble is now tapping into the home's equity by using a lending tool called a reverse mortgage.
Reverse mortgages are essentially the opposite of typical mortgages.
The lender, which could be a bank or a mortgage company, pays the senior citizen. It provides the cash to the senior in exchange for some or all of the equity in their home. More and more elderly people such as Wimble, who are living on fixed incomes and have paid off their homes, are opting to use reverse mortgages as a way to supplement their incomes and pay for things such as medical bills and home repairs. Wimble wasn't looking for a financial windfall. She mows her own lawn.