Clients are asking me about reverse mortgages. Of course I refer them to an industry professional.
Countrywide recently shared this information with me re: reverse mortgages and I thought you would find it of interest. Countrywide Home Loans is now offering reverse mortgage products through Countrywide Bank. As real estate professionals, our clients have come to rely on us for guidance regarding the housing issues that affect their daily lives. As they prepare for retirement, many seniors have concerns about their long-term goals that can often include the added stress of exploring home options to accommodate their needs and meeting changing financial obligations.
Reverse mortgage products are a way for homeowners who are at least 62 years of age to convert a portion of the equity in their homes into income without having to sell the home, give up title, or take on a new monthly payment. They may use the loan proceeds however they would like, for example to pay for medical expenses, home modifications, or to increase monthly cash flow. Reverse mortgages are non-recourse loans which means neither the borrowers, nor their heirs, will owe more than the appraised value of the home at the time the loan matures. The loan does not become due until the last borrower no longer occupies the home as their primary residence.
This information courtesy of Katrina_Hokkanen@countrywide.com 
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