If you own your own home and are over the age of 62, you might want to increase your monthly cash flow by tapping into your home equity through a reverse mortgage.
Reverse mortgages are like home equity loans with one major difference.
Like a home equity loan, you borrow against the value of your home. And like a home equity loan, you can get the cash from a reverse mortgage in a lump sum or in dribs and drabs as you need it. With a home equity loan, like any regular sort of mortgage, you start making monthly interest and principal payments as soon as you borrow the money. With a reverse mortgage, you pay back nothing on the loan until you move out of your home or sell it. The proceeds are used to pay off the amount you've borrowed, and the amount you owe is limited to the value of your home.