ABA Family Legal Guide

The Rights of Older Americans

Housing and Long-Term Care Options

Home Equity Conversion

I own my own home, and do not want to move, but I'm having trouble making ends meet. What can I do?

Home equity conversion plans can help you add to your monthly income without having to leave your home. These plans fall into two broad categories: loans and sales. Loan plans permit you to borrow against the equity in your home. They include reverse mortgages and special-purpose loans on which repayment is deferred. They should not be confused with home equity loans and home equity lines of credit, which require you to make monthly payments immediately or risk losing your house.