A reverse mortgage is a loan that allows seniors ages 62 and older to access the equity they have built in their homes while retaining title to the home and with no monthly payments. Reverse mortgages can be set up to either pay a one-time lump sum payment or a monthly payment to the homeowner. Reverse mortgages are "non-recourse" loans -- no matter how high the loan balance grows, you or your heirs will never owe more than the home's market value. If your home currently has a mortgage on it, a reverse mortgage will pay off the existing loan, eliminating your monthly mortgage payment along with providing you with additional cash. A reverse mortgage from Legacy Reverse Mortgage is available to homeowners with equity in their primary residence where the youngest borrower is at least 62 years old. The property must be your primary residence and you must live in the house for more than six months out of the year.

Eligible properties include single-family homes, condominiums, manufactured homes, modular homes and one-to-four-unit rentals as long as the owner occupies one unit.

Income level and credit score will not affect approval for a reverse mortgage or the amount of money you receive from your reverse mortgage.

There are several government-mandated safety measures required with all reverse mortgages to protect you and your home. All reverse mortgage applicants must receive free one-time consumer counseling to make sure they understand the loan process.

The reverse mortgage only becomes due when you no longer occupy the home as your primary residence. This could be due to death, illness or a move to a new home. If you have a joint reverse mortgage, the loan is not due until the last surviving borrower permanently leaves the residence. As with a traditional mortgage, you are still required to pay your property taxes, hazard insurance and if necessary, flood insurance.