Many seniors really appreciate the advantages of  reverse mortgages.  Seniors who qualify will not need to worry about paying the money back as long as they stay in their home.  The loan is paid out of the equity you have built up in your home when the home is sold.  Whatever money is leftover after the sale of your home will be distributed to either you or your heirs. 

There are some things you will need to have to qualify.  First, you will need to be at least 62 years of age.  Second, you will need to own your home outright or have a very small balance remaining.  Last, the older you are the larger the percentage of your equity that you can qualify to receive. 

Many people these days are looking for supplemental income to finance their retirement.  All too often you hear about scams that try and con seniors out of their money without offering any real benefits.  Reverse mortgages are especially a good options for those retires who had much of their money in stocks and lost a lot of the value of their retirement accounts as a result of the recent economic downturns.  If you do not plan on leaving your home to your children the mortgage will be repaid out of the proceeds from the sale of the home at your death.  

While you can find them available around the country those people who live in California can take advantage of the California mortgage.  Money received from the mortgage is not considered income and is not taxed.  You are free to use the money in whatever way that you need from paying your monthly bills to taking a vacation.  You will not have any monthly payments or need to repay the loan until you permanently move out of the home.