If you are retired, or thinking about retirement, did you know your home can pay you a check each month to supplement your income? Many Californians are now turning to reverse mortgages to add to their monthly retirement income to cover daily living expenses, pay for healthcare costs, finance home improvements, or even just to take the vacation that they had always dreamed.

A reverse mortgage is a unique loan that enables a homeowner to convert the equity of their home into tax-free cash. Instead of making monthly payments to a lender, a lender makes payments to you. A reverse mortgage allows you to stay in your home and still meet your financial obligations.

You can do this without having to sell your home, give up title, or take on any new monthly mortgage payments. Even if you outlive the loan, the lender cannot take away your home — the loan is not repaid until you cease to occupy your home as a principal residence. You can never owe more than the home's value, and if it is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate.

There are several different types of reverse mortgages from which to choose. With over 25 years of financial experience, Springer Financial Advisors has the familiarity to help you choose the reverse mortgage that will give you greater financial comfort and enhance your golden years.