Christie Bynum from the Bynum Law Firm gave us the low-down on Reverse Mortgages:
First and foremost, you must be a homeowner who is 62 or older. A reverse mortgage allows you to convert home equity into available funds through a line of credit, cash advance, or periodic distributions to be repaid with interest usually when the borrower dies, moves, or sells the home. A reverse mortgage provides additional income for seniors, especially those on a fixed income.
This is a great plan to have in place for aging parents. Contact Christie for more information.