After assessing what kind of assistance or living arrangement you need to remain in your home, one option to consider is a reverse mortgage.  This type of program allows people over the age of 62 to convert a percentage of the equity in their paid-off home mortgages to cash.

There are now multiple programs to address varying financial needs.  A new reserve mortgage, the Home Equity Conversion Mortgage Saver option, or HECM Saver was introduced in 2010. It has a cheaper upfront mortgage insurance premium, or MIP, compared with the traditional HECM reverse mortgage, now known as the standard option. 

A review of these programs is available from the Seattle Times in an article titled, “Reverse mortgages get more affordable, but be careful”.  To review this article visit the Seattle Times –nwresources. 

When in the market for a reverse mortgage, seek independent counseling before you even talk to a lender to learn about loan alternatives or tips on negotiating with a lender. Find a government-approved counselor near you at 

To find out how much you can potentially receive through a reverse mortgage, check online calculators at or

Financial Counseling for Foreclosure  

Check out the ARCH website - Foreclosure & Financial Counseling for resources if you are facing foreclosure.

Construction Financing

If you are making major improvements to your home, read "How to Get a Construction Loan" at