A reverse mortgage may be the ideal method to fund retirement. This type of program pays seniors as long as they live in the home. Reverse Mortgage Funds A reverse mortgage may be used as supplemental income during retirement years. Many senior homeowners are finding it difficult to afford increased living expenses while on fixed incomes. This type of mortgage arrangement can benefit older homeowners who find themselves without an adequate retirement fund. In today’s economy, it is impossible to predict future pension and Social Security earnings, and using a home’s equity is an ideal method to gain income without making any type of repayment. Qualifying for a Reverse Mortgage The reverse mortgage borrowers must meet a minimum qualifying age of 62. This type of loan does not require income verification or a credit history check. The borrowers’ home will be appraised and the equity calculated to determine if there is enough money to fund a reverse mortgage. The owners must continue to pay for property taxes, insurance, and routine home maintenance.

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