What is a reverse mortgage, and who is a good candidate for one? This is ideally suited for someone over 65 years old with a house that is paid off, or nearly paid off. In exchange for equity in your home, the lender will provide you with the cashflow you need to make it each month. This is often the only option for someone with a paid-off home, and a monthly cashflow deficit.
There are many options on how you can receive the funds. You can get a lump sum, monthly payments, or a mix of the two. We recently helped a single elderly lady with one of these mortgages.