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Matthew Said:

Are there any Seniors who have first hand knowledge of a reverse mortgage?

We Answered:

Yes. This is a pretty broad question, but the longer you wait, the more you can receive. You can receive monthly payments, a line of credit or a lump sum. Basically the lender is betting you will not live longer than normal life expectancy and you're betting you will. The amount available to you is based on how much equity you have in your home and the value of the home. If the lender pays you more than the value of the home, when you die the lender can only take the home. The lender cannot go after family members for debt and cannot go after any assets except the home. If you end up receiving more than the value of the home in payment, the lender cannot seek a deficiency judgment. If you're having trouble living off your income, it can be a great device.

Leslie Said:

Is the reverse mortgage scheme availabe ONLY for senior citizens?

We Answered:

The homeowner must be at least 62 years old to obtain a reverse mortgage and it must be on their primary residence.