No monthly mortgage payments - now you can afford to stay in your home (you still pay your taxes and homeowners insurance, and must maintain your home)
Tax free monthly income** (use money any way that suits your needs)
Line of credit (provides you safety for large unexpected expenses)
Not personally liable for loan (your home is the only recourse the lender has)
*Must be 62 to qualify, approval contingent on amount of equity in home and other factors, FHA insured (HECM).
**This is a loan. As always, you must continue to pay your taxes and insurance, and maintain your home. Approval contingent on amount of equity in home and other factors.