For more information read my 5 part blog, including information about the new FHA reverse mortgage program -- link below. If you need such a reverse mortgage, contact me and I will use my connections to get you set up.
A Reverse Mortgage is a government insured program that enables senior homeowners to convert a percentage of the home's equity into cash, while retaining home ownership.
Reverse Mortgages apply the opposite principles of a traditional forward mortgage. Traditional mortgages gain equity in a home by making monthly payments, while a Reverse Mortgage turns equity into tax free income or usable cash. Payments on the money owed are not required as long as the home is being lived in.
A Reverse Mortgage is a safe, secured means by which to achieve financial security, while retaining home ownership. The U.S. Department of Housing and Urban Development (HUD) guarantee seniors who use the Reverse Mortgage program will not pass debt onto their heirs. A Reverse Mortgage is the safest mortgage someone can get.
Hope this helps.
You should probably talk (person to person) with a Reverse Mortgage Lender. I would be happy to refer you to one if you like.
There are some recent changes to reverse mortgages as part of the new housing bill that was passed so you should do your homework before making a decision.