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If you, your parents or other seniors in your life are sitting on a big load of home equity while struggling to get by each month on a fixed income, listen up. The answer for you may be a Home Equity Conversion Mortgage (HECM), often simply referred to as a "reverse mortgage." As long as you own a home, are at least 62 and have enough equity in your home, you can get a reverse mortgage. There are no special income or medical requirements.

A reverse mortgage enables older homeowners to convert part of the equity in their homes into tax-free income without having to sell the home, give up title or take on a new monthly mortgage payment. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you. The source of the money is the equity in your home.

In a reverse mortgage, your loan balance grows larger over time. Interest and principal accrue as the funds are used. Typically, you retain ownership of the property, and the HECM does not require repayment for as long as you remain in the home. For many older Americans, this arrangement provides peace of mind.

Another beautiful feature of a reverse mortgage is that the lender cannot require repayment from any asset other than the home. When the homeowner leaves the home, the property is either sold or refinanced to repay the reverse mortgage. Because the homeowner makes no monthly payments, there is no danger of losing the property through foreclosure.

I know this sounds too good to be true, especially for those of you who are struggling during the years that should be your most carefree and secure. A reverse mortgage is indeed a safe debt and highly desirable for my readers who would rather have access to their equity than leave it all to their heirs.

I recently learned of a 72-year-old Colorado lady who was in a very needy situation. She had nursed her husband at home following his struggle with cancer. When he died, she had run up more than $20,000 on her credit cards to help pay the medical bills that were not covered by his insurance.

She couldn't qualify for a conventional mortgage because her only income was Social Security. But she had to find a source of money or sell the house, which wasn't a good option. She was eligible for a reverse mortgage and, as a result, got a $31,000 line of credit on her $100,000 house. She used $25,000 to pay off all of her outstanding bills, left $6,000 in the account for emergencies and may use some of it to repair her car. The reverse-mortgage loan "lifted a load like you wouldn't believe," she said. She will not be required to make payments, and the loan will not come due until she moves or dies.

To learn more about reverse mortgages, read "Money From Home: A Guide to Understanding Reverse Mortgages," a free PDF download, or call (800) 732-6643. For more information, visit Reverse Mortgage.

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