One of my most valuable assets is my home, and I don't want to leave it. I want to spend the equity to enjoy my remaining years, and not have to pay it back.

I learned about reverse mortgages from a friend who had already gotten a reverse mortgage. She was living carefree, paying her bills and enjoying her retirement with funds from her reverse mortgage. It sounded too good to be true, but I checked it and found reverse mortgages to be available through reputable lenders and government regulated. I spoke with a reverse mortgage counselor and learned all the details before going ahead with my reverse mortgage.

With my reverse mortgage, I borrowed a lump sum at closing and set up a line of credit that I can use whenever I want. I never have to repay what I borrow through my reverse mortgage. If I die, or decide later to move out of my house, my house will be sold and the loan will be repaid from the sale of the house, but the money that is left from the sale of my house after my reverse mortgage is paid, goes to me if I'm living, or my estate if I have passed away. There is no risk for my heirs.

My reverse mortgage has given me a way to use the equity I have built up in my house, without having to sell it.