If you are short of cash in your retirement years and you own your home, a reverse mortgage may provide an ideal solution. A lender can provide you with a loan that is secured by your property. This type of financial arrangement is known as a reverse mortgage. It is similar to a traditional mortgage in one important way: the financing institution uses your home as collateral for the funds that are advanced to you. However, a reverse mortgage is specially structured to accommodate the requirements of older individuals who may have retired and do not have adequate income. It provides a homeowner with money, which is repayable when the individual no longer uses the home as their principal residence or fail to meet the obligations of the mortgage. If you are over 62 years old, you can use your home to raise funds under the Federal Housing Administration’s (FHA) reverse mortgage program. This plan, which is known as a Home Equity Conversion Mortgage (HECM), can be a good option if, for example, you want to supplement your Social Security or pay for unexpected medical expenses.