Not quite sure how a reverse mortgage works. Consider this -

1. You must be at least 62 and if there are two people on title, the younger of the two must be at least 62. Generally speaking, the older you are and the more valuable your home is will yield you the most funds. Your existing mortgage balance and the prevailing interest rates will also have an impact on the amount of funds available.

2. Take the time to learn about these mortgages. Typically there is no repayment as long as you live in your home. When the last living borrower dies, sells the home or moves — the loan must be repaid.

3. The lender will provide you with a loan in an amount ranging from 20-60 percent of your home’s equity. In return, the lender will receive a portion of your home’s value when you die or sell the home.

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As seniors age, their needs increase but unfortunately their income does not. Growing expenses associated with increasing age and declining mobility often force seniors to make sacrifices in their life that negatively affect their quality of life.

Following is a short 90 second video which shows why a reverse mortgage loan may be the answer to seniors facing financial challenges.

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