A Reverse Mortgage is a special type of loan that allows a homeowner to convert a portion of the equity in his/her home to eliminate mortgage payments and even gain tax-free income without losing the title to the home. The accumulated equity derived from mortgage payments and appreciation can be paid to the borrower. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer uses the home as their principal residence.

Clients must be 62 or older and own a home with some equity. They don't need any income to qualify. If your client currently has a mortgage, that's okay -- we can pay it off with a Reverse Mortgage. Clients can even have bad credit, as long as there are no current government liens against their home.

The money from a Reverse Mortgage can be used for any purpose, from making ends meet to living retirement dreams. The top reasons for funds used given typically by borrowers are:

• Paying off debts, primarily mortgage and credit cards
• Home repairs and remodeling
• Living expenses
• Travel
• Health care or long-term care
• Easing the financial burden on their children
• Education
• Hobbies