Before You Get a Reverse Mortgage, Check Out These 15 Alternatives

http://www.msn.com/en-us/money/realestate/before-you-get-a-reverse-mortgage-check-out-these-15-alternatives/ar-BBvXxLn

I have heard some horror stories about reverse mortgages - they seemed to have gotten revamped in recent years but you still have to be cautious. The article discusses in more depth pros and cons of the options presented.

A reverse mortgage lets you borrow based on the equity you have in your home. Instead of you paying the bank, the bank pays you, tax-free, with a series of payments that can include a partial lump sum of money, or through a line of credit. A few downsides are You can’t borrow against all of your equity, you have to wait for some funds, these loans are expensive, the borrower can lose the home, & your heirs may be unable to inherit the home.

Sell and downsize
Refinance
Home equity line of credit
Get a home equity loan
Sell the home to family or friends
Rent to vacationers
Take in a monthly renter
Apply for weatherization assistance
Apply for property tax relief
Tap insurance
Work
Take a 401(k) loan or distribution
Apply for Medicaid
Check VA benefits
Check the availability of other benefits https://www.benefitscheckup.org/about-us/