Reverse Mortgage may be a good option to stay in your home, provided that you or co-owner on the deed is 62 or over (the youngest). The cost of doing a reverse mortgage may be expensive because it may be necessary to repay it within a short period of time. Most reverse mortgages are due and payable, if you stop living in the home for a period of time, e.g. moving to a nursing home constitutes leaving your home under reverse mortgage regulations.

A reverse mortgage allows you to tap the value in your home if you can’t sell it, because there is still a spouse living at home or in case if you want to pass it along to your children. A reverse mortgage is not a great vehicle for leaving your home to your children however.

Reverse mortgage can pay out in different ways such as equal monthly payments provided that at least one borrower continues to occupy the property as a principal residence, or unscheduled payments or installments until the line of credit is exhausted.

Some lenders permit a person or spouse to remain in the home until death, but others will set a time for the sale of the house so the mortgage will be repaid.