While the recession may have caused financial hardship for many, retirees or seniors on the verge of retirement who lost value in their homes and their investment portfolios may have been the hardest hit. As recovery approaches, seniors may need a variety of tools to rebuild their retirement accounts. One possibility for homeowners is a reverse mortgage, which can be used for monthly income, as a line of credit, or as a lump sum payment.

Jonathan Burton wrote in a MarketWatch column that seniors on the verge of retirement and retirees have several options to reboot their retirement plans:

• Spend less. Financial success in retirement depends on achieving the cash flow you need to live the lifestyle you want. One way to make your money last longer and to ease the burden on your investments is to reduce unnecessary spending
• Work longer. While this may not sound like good news to someone about to retire, working for a few more years, even part-time, can add significantly to your cash flow and rebuild your savings
• Refinance your mortgage. If you have a forward mortgage on your home, you may be able to refinance and significantly reduce your monthly payments
• Investment options. Consult with an expert to find the stocks, bonds, and mutual funds that may provide income and long-term growth

Consider a Reverse Mortgage

One of the fastest ways to improve your financial portfolio is to access the equity in your home through a reverse mortgage. Compare quotes from reverse mortgage lenders, and learn more about reverse mortgages before you decide if one is right for you. Reverse mortgage lenders do not rely on credit scores or debt-to-income ratios. Instead, approval is based on the age of the borrower and the equity in the home--with the amount available for the loan determined by the same factors.