At a public conference on preservation of homeownership hosted last week by Wells Fargo's Home Mortgage division, Secretary of Housing and Urban Development Alphonso Jackson message that reverse mortgages are playing a key role helping senior home owners keep their homes, and that he personally recommended the program to his elder siblings.

A large number of seniors can no longer rely solely on pensions, Social Security, and 401(k) plans to fund everyday expenses, said Secretary Jackson, which makes the ability to access their home equity with a reverse mortgage critical to help seniors with homeownership.

81 year old Helen Burn of Pikesville Maryland, who recently obtained a reverse mortgage to pay off her credit cards and to purchase a new vehicle large enough to carry her mobility devise and her four grand-kids on short trips. "As much as you try to save, it's hard," said Burn, who raised four kids as a single mother and helped send two of he own kids  college.

"Nothing can describe the sense of relief this program has given me" Burn told the crowd.  "I can't tell you how important it is to have money readily available just sitting there for emergencies," she said.