While job hunting can take an average of 43 weeks for adults over age 55, there are some steps they can take to ease their financial burdens while they search for work.

One option for senior homeowners over age 62 to add to their monthly income is a reverse mortgage. Comparing information from reverse mortgage lenders online can give seniors an idea of how much they can borrow from their home equity. The amount of a reverse mortgage loan depends on both the equity and age of the homeowners rather than their credit score or a debt-to-income ratio.

Other options for unemployed seniors besides a reverse mortgage were suggested by Diana Ransom of SmartMoney.com in a recent article.

• Apply for unemployment benefits. In addition to traditional unemployment benefits, some workers may also qualify for health insurance premium reductions and benefit extensions.
• Cut your budget. One possibility could be to move to a smaller home or refinance your current home. Seniors over age 62 can sell their current home, invest the profits in a cash purchase or large down payment on a new home and then immediately (at the same closing) take out a reverse mortgage in order to have access to the cash for monthly expenses or as a line of credit for emergencies.
• Use your retirement funds. If you are 59 ½ or older, you can withdraw funds from your retirement account without a 10% tax penalty. If you are age 55 or older, the rules of your defined benefit plan, such as a 401(k), may allow you to withdraw funds without the 10% tax penalty. However, the same rule does not apply to individual retirement accounts (IRAs).
• Take early Social Security benefits. While it normally pays to wait as long as you can, if you are unemployed, you can take your benefits beginning at age 62.

Seniors may have more options than other unemployed adults since they can tap into their retirement funds or take out a reverse mortgage, something unavailable to younger adults looking for work.