Financial security is a matter of great concern for elderly, especially in a bad economic environment. As the incomes dry due to physical inability of doing most of the professional work (not true in all cases though), Senior citizens generally worry about what would happen when they could not earn any income. How will their daily and health expenses will be met?
In most cases, elderly do not like to burden their children with their responsibility at this age and in many cases children too do not want to fulfil this responsibility. At this stage there are only a few options left for elderly – one of it is using their home equity to sustain their daily expenses and still live in their own home. Here is an example of how one elderly used reverse mortgage to ensure her financial security in times of crisis.