Following are the top-five reasons to consider applying for a reverse mortgage home loan. Although there are many benefits to a reverse mortgage, they are sophisticated financial tools. Make sure you do all the necessary research required to make an informed decision. Keep in mind, the purpose of this article is to point out only the benefits that a senior might realize.

• Tax-Free Income - As a homeowner age 62 or older, a senior citizen could increase monthly cash flow using a reverse mortgage home loan. A qualified borrower can choose between receiving a lump sum, regular monthly payments, or a line of credit for use as necessary. Since the money is not actually income, it is tax-free. If currently your only income comes from selling stocks and bonds that have declined in value, using your home's equity instead can give you an option other than taking huge loses in your investment portfolio. Or, maybe you are finding that over time, your pensions, annuities, or Social Security just aren't meeting all of your needs. A reverse mortgage home loan might provide you with a new, additional source of support.
• Continue to Live in the Home - If you have been thinking that you might need to sell your home in order to have enough money to live, a reverse mortgage home loan provides senior homeowners with income while they continue to live in their home. A reverse mortgage lender REQUIRES that you live in the home, which might be exactly what you are hoping. As long as you live there, for as long as you live, you do not need to repay the reverse mortgage loan. Only when you move out, sell, or pass away, does the mortgage repayment take effect.
• No Monthly Mortgage Payments - A reverse mortgage home loan does not have to be repaid in the same way as a traditional mortgage. No monthly mortgage payments are required. Even if you currently have a mortgage on your house, that loan could be paid in full by a reverse mortgage, ending monthly mortgage payments. Just consider how much further your retirement income could go if you didn't have a monthly mortgage payment!
• Easy Qualification Process - No credit score required. No income documentation required. No minimum assets required. Even a recent bankruptcy filing won't prevent you from being approved. Most of the criteria necessary for a traditional mortgage DO NOT apply for a reverse mortgage. The loan approval is based primarily on your current age and the equity available in your home.
• Peace of Mind - More than anything, a reverse mortgage home loan can offer a senior a chance to enjoy life. No monthly mortgage payment and extra income could mean new-found freedom and a relief of financial burdens. If you are house-rich and cash-poor, a reverse mortgage could be exactly what you need to start really living the rest of your life.

Renee Morgan
Renee Morgan has been a loan officer for over eighteen years. She is also a freelance writer and guest expert for radio and TV.