Homeowners 62 and older may be able to use a reverse mortgage to avoid foreclosure.

A reverse mortgage allows senior homeowners to turn equity into a liquid asset in the form of monthly payments, a lump sum payment or a line of credit. In the case of a foreclosure, a homeowner would use the proceeds from a reverse mortgage to pay off the existing lien much like a typical refinance.

Successfully using a reverse mortgage in this way would be contingent on having enough equity in the property…(unfortunately, a mighty big contingency in today’s housing environment.)

Use this reverse mortgage calculator to estimate how much money you could  access.