Reverse mortgages are not for everybody, they are unique loans for people aged 62 and older that find themselves house rich and cash poor in their retirement years. This is a common situation in the Boca Raton area. Instead of retirees being forced to sell their home or add yet another monthly bill with a traditional second mortgage, a reverse mortgage allows homeowners to tap into their home equity while they still live in the home. With reverse mortgages, the lender will cut homeowners a monthly check from the equity in their home. This is money that won’t need to be paid back, unlike a home equity loan. In return, the lender will collect the home in the event of the retirees passing away – so it is something that appeals to seniors without dependent relatives. Like any mortgage Boca Raton, make sure to do your research and talk with professionals to find what’s best for you.