Reverse Mortgages?

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With a normal home loan you pay a monthly amount (principal and interest). With each month, the amount that you owe goes down and the equity in your home goes up. A reverse mortgage works just the opposite. With a reverse mortgage you can turn the equity in your home into cash. You do not have to make monthly payments. The cash may be paid to you in many different ways, such as a single lump sum payment, a regular monthly amount or you can get a credit line account which mean you can get the money as needed. You continue to own your home and receive money however your loan amount goes up and the equity that you have declines.