Especially in strenuous financial times, people on fixed incomes require supplemental income for a number of reasons. When it comes to considering the option reverse mortgages, pros and cons should be looked at before signing any papers.

A reverse mortgage has a simple principle; money is borrowed against the equity in the home. The difference is that there are no monthly repayments; in fact, there are no repayments at all as long as the homeowner uses the house as their primary residence.  So the homeowner can realize a hefty sum of money, usually in monthly increments, without giving up the ownership of the house for as long as they live and/or use the house as their main home.