If you are a cash strapped, 62+ year old homeowner and don’t believe you can get your house sold with the excess amount of home inventory on the market you may want to consider staying in your home and use a reverse mortgage to bridge the income vs expense divide.
A reverse mortgage will enable you to stay in your home by accessing the equity (the money you’ve paid into the home) and apply it to paying for expenses you would normally not have the money for. Careful consideration should be paid before entering into this decision; so be sure to research the pros and cons, eligibility requirements, and read up on how a reverse mortgage works. HUD counseling is also required before entering into a reverse mortgage. The FHA funds housing counseling agencies throughout the US in order to provide borrowers with information. The counseling sessions can be done face-to-face or over the phone.