A simple way to understand how a Reverse Mortgage can work for you, is to realize it’s a way for you to receive cash from your home’s equity while making NO MONTHLY PAYMENTS on the loan for life or as long as you live in the home. Use the cash to eliminate the monthly payments from your old mortgage, increase your retirement income, and help pay your living expenses to include In-Home Care. The Home Equity Conversion Mortgage (commonly called a HECM Reverse Mortgage) was designed by the Federal Government to provide financial aid for senior homeowners. It is regulated by the Department of Housing and Urban Development (HUD) and is insured by the the Federal Housing Administration (FHA). Seniors always retain title to their home and they receive all appreciation on the value of their home. Reverse Mortgages allow qualified senior homeowners to turn their home’s equity into cash that they can use for any purpose. Over 500,000 senior households have already used this program to get cash and provide a tax-free monthly income that they never need to pay back for as long as they live in their home. You can even use the proceeds to pay off your old mortgage to even eliminate the current monthly payment. There are few qualifications and there are minimal income or credit requirements. Seniors who take out a Reverse Mortgage remain on the title and do not give up possession of their home at any time.