Many seniors are looking for a stable way to supplement their monthly income.  If you are over 62 years of age and own your own home you may be able to get a HUD reverse mortgage.  This will enable you to get regular monthly payments for a specific period of time or take a lump sum payment to improve your home or pay your bills. 

This type of mortgage is a low interest loan that gives you money for the equity you have built up in your home.  These loans do not have to be paid off until you move out of your home for any reason.  When the home is sold the loan is paid back along with the agreed upon interest.   It  may be just the right answer for those seniors who have seen their stock accounts dwindle do to the current economic situation.  You have been making mortgage payments for many years.  Now it may be time to get some of that money back. 

To be eligible for a HUD reverse mortgage you will need to be at least 62 and either own your home free and clear or have a small balance left on your mortgage.  The money you get can be used for anything you would like from paying your monthly bills, taking a vacation, or making needed repairs to your home.  

One of the biggest advantages  is that you will not need to pay any monthly payments as you would with a regular home equity loan.  With a reverse mortgage the payments are being paid to you.  This is your money that is being given to you so you can use it for what you need and want.  There are also not all the restrictions regarding creditworthiness that you will find with traditional loans.  Most of the time income has nothing to do with whether you can qualify.