Housing Opportunities can help seniors obtain reverse mortgages, which allow them to access the monetary value of the homes they own without moving out of the house.

A "reverse" mortgage is formally known as a Home Equity Conversion Mortgage (HECM). It is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or repay the loan each month.

The cash you get from a reverse mortgage can be paid to you in several ways:

• all at once, in a lump sum of cash
• as a regular monthly cash advance
• as a "credit line" account that lets you decide when and how much of your cash is paid to you
• as a combination of the three methods above

No matter how this loan is paid to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home.

To be eligible for most reverse mortgages, you must:

• own your home
• be 62 years of age or older
• attend HECM counseling

For more information, email our HECM Counselor, or call 219-548-2800.