If you are looking for a source of fund and you are a senior citizen at least 62 years of age, you may want to take a look at the possibility of making a loan that is called a Reverse Mortgage.

Reverse mortgage is the opposite of the typical home mortgage where you make a monthly amortization payment for a certain number of years. In a reverse mortgage loan, you do not need to make a monthly payment, as a matter of fact, YOU do not even need to repay it.

Reverse mortgage is sometimes called a lifetime mortgage. You may not repay the mortgage for the rest of your life as long as you do not move to another place or sell the mortgaged property.

Of course the mortgage has to be paid eventurally by your heirs by either selling the property or by entering into another form of mortgage, like the typical home equity mortgage.

If you are elderly with no means of support other than a meager social security payment, then a reverse mortgage might be the way to go. The home is paid off, but expenses and taxes still must be met. And you must eat and pay for medicine that is not covered by medicare.  Read more...

If you're looking for a reverse mortgage in California there are a few things you should know that can help you find the right company for your situation. A California reverse mortgage is just like any other reverse mortgage - you trade equity in your house for a loan.  Read more...

Home Mortgage Loans - An article on the different options in a home mortgage.

Reverse Mortgage Pros and Cons

http://en.wikipedia.org/wiki/Reverse_mortgage

http://www.reversemortgage.org/

http://www.aarp.org/money/personal/reverse_mortgages/

http://jacksonville.com/business/2009-10-11/story/consumer_advocate_look_before_you_leap_into_a_reverse_mortgage

http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20091011/BIZ/910110307

http://www.heraldnet.com/article/20091011/BIZ/710119956/1005

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/07/BUQI1A1F79.DTL

http://www2.ljworld.com/news/2009/oct/07/report-warns-reverse-mortgage-risks/

http://www.twincities.com/business/ci_13501402?source=rss

• Explore all the options of reverse mortgage - BARBARA AND CLAIR RAMSEY HOUSING - Published: October 31st, 2009 08:01 PM - Last Modified: October 31st, 2009 08:23 PM - Clair once suggested that his father sell his home and move into a retirement community, which could provide assisted living when needed. This idea did not suit him at all. Even though the rest of the family agreed, he insisted, "This is my home and I want to stay here until I die." Fortunately, he could afford to do that. The home was paid off and he was not incurring large medical bills. However, what do you do if your parents can't afford to stay in their home and they don't want to move? Here is another option to consider -- the reverse mortgage. [...] - http://www.adn.com/money/story/995109.html
• Seniors and Their Home Equity Threatened as Subprime Lenders, Abuses Appear in Reverse Mortgage Market - RISMEDIA, October 8, 2009—Abuses and abusers from the subprime mortgage market have begun showing up in the reverse mortgage market, putting at risk the equity and savings of millions of seniors. That’s the main finding of “Subprime Revisited: How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at Risk,” a report issued recently by the National Consumer Law Center. [...] - http://rismedia.com/2009-10-07/seniors-and-their-home-equity-threatened-as-subprime-lenders-abuses-appear-in-reverse-mortgage-market/
• AAG Announces Legendary Actor Peter Graves as Reverse Mortgage Spokesperson - RISMEDIA, October 9, 2009—American Advisors Group (AAG) has selected veteran film and television actor Peter Graves as its spokesperson for a national media campaign beginning Oct. 12. The new television commercials on national cable and broadcast networks will further promote the value and benefits of reverse mortgages for American seniors and air on cable and national networks. [...] - http://rismedia.com/2009-10-08/aag-announces-legendary-actor-peter-graves-as-reverse-mortgage-spokesperson/