Also called home equity conversion loans, this financial tool provides an easy way for senior citizens to tap into years of accumulated equitable contributions into their property to receive quick cash without the hassles of conventional financing. No principle, interest or mortgage insurance payments are due until all occupants that sign for the loan have either deceased, or have vacated the premises for longer than one year. The funds can be used for medical bills not covered by Medicare, to go on lengthy vacations, purchase vehicles or whatever the borrower wishes.

Finding credible lenders in this generally narrow financing niche takes time, patience and due diligence. Because our twisted lending society already preys on seniors, it’s advised to apply when trusted family members of sound mind are present to read the ‘fine print’ to you.