Ever heard of a reverse mortgage and want to know if maybe that's one for you?

Well, first of all, if you're under 62 years of age you can't qualify for a reverse mortgage so don't even think about it. If you are 62 or older you might qualify for a reverse mortgage.

A reverse mortgage is a special mortgage that works 'in reverse'. Instead of you making mortgage payments to a mortgage lender in a reverse mortgage the mortgage lender makes payments to the owner of the house. The purpose of the loan is to allow elderly people to remain in their homes while tapping the equity in their house. As long as they are alive a reverse mortgage holder can remain in their house. They cannot be evicted.

How large are the payments? Well, it all depends on how old you are and how much equity you have in your house. The older you are the larger the payment; the more equity you have in the house the larger the payments.

How good a deal is the reverse mortgage? Well, not that great. The Home Equity Conversion Mortgage (HECM) offers a better deal in many cases. You can learn about HECMs right here.