A Reverse Mortgage Will Not Be The Right Solution For You If:

• You are under 62 years of age
• You’re not a homeowner

• You’re addressing a need that’s only temporary
• You plan on remaining in your home for a short time
• You want to use the proceeds from a reverse mortgage to purchase other financial products

Other Options You Might Consider Include:

• Postponing retirement
  Postponing retirement by a few years could allow you to save for future expenses.
• Working part time
  A part time job is an option for many  to help offset retirement expenses.
• Obtaining a Home Equity Loan or Line of Credit
  A traditional home equity loan or line of credit can be useful for homeowners who are unsure how long they will continue to live in their home. Although you can get money quickly from these loans, you may not qualify because your income, and debt and credit history are considered. Plus, you’ll have monthly payments so if you can’t keep up with payments, you could loose your house.
• Downsizing / selling and moving to a less costly house and area
  Living in a smaller home may provide many advantages including a lower cost of living, less time spent on upkeep and a simpler lifestyle.
• Taking on a tenant or roommate
  In some instances, a roommate or housemate is a viable option to help pay expenses and provide companionship in retirement.
• Qualifying for low to moderate income benefits
  Local, state and federal agencies often offer a variety of benefits. Check with your local offices to see if you qualify.
• Purchasing long-term care insurance
  These insurance policies may protect your assets should you have hefty medical expenses during retirement.
• Medicaid
  A government health insurance program, Medicaid is designed to pay for long-term care for those with very low income and assets and those who run out of money paying for the cost of care. The services covered by Medicaid vary by state.
• Department of Veterans Affairs (VA)
  The VA typically provides services to Veterans with a service related disability, lower-income and those who are former prisoners of war. Benefits may include nursing home care, respite care, home health aides and adult care.
• Community Services
  Many communities offer support services such as Meals on Wheels or Dial-A-Ride at little or no cost. Faith and charitable organizations also may help those in need.