Many seniors have already made the choice to get  reverse mortgages.  They allow those seniors who are 62 years old and over to transform a portion of their home equity into income without needing to leave their home or make monthly mortgage payments.  The money  can be used for anything you would like including home improvements, medical expenses, paying off bills, and enjoying your retirement.  Many people use their it  as a secure line of credit for times of emergency. 

When you get one you will not need to repay the amount until you leave your home.  Money received  is not considered income and can be used tax free.  Getting one will not impact your eligibility for Social Security or Medicare benefits.  To make sure that it is right for you it is recommended that you consult with your tax professional before signing the papers.  

They are a great way to get some extra money for your regular expenses without needing to sell your home.  You can stay in your home and avoid needing to borrow money from friends and family. You will retain the title to the home and will not lose it to your lender.  The loans are insured so that you will never owe more than the house is worth, no matter what happens to the housing market.  When you either pass on or leave your house for good the proceeds from the sale of the house will be used to pay back the loan and any interest which has accrued.  If your heirs decide to hold onto your property they can take out a traditional mortgage to cover the additional amount.  If no one wants to keep the properly it is sold and any remaining proceeds are distributed according to your wishes.