You probably qualify for a reverse mortgage. HUD has changed the rules regarding reverse mortgages. Now, you can take out part of the equity and never pay another mortgage payment. (You can live rent and mortgage free in your own home for the rest of your life.)
There are a lot of websites that can give you a quick calculation of about how much cash you will get on top of the never having to pay the mortgage.
HUD has all of the rules of the game.
ADVICE -- DO THIS AT A BANK. The rates are set by law. The loan amounts are set by law. All of the rules of the reverse mortgage are set by law. So go to a full service bank or a savings and loan and ask the banker how to get started.
NO PROOF OF INCOME IS NEEDED. You will have to pay for an appraisal of your home. The only things effecting the loan are your age, the value of your home, the current amount you owe on your home, and any liens you may have on your home.
You can stay in your home until death. They can sell your home if you do not live in it for one year, but they have to get approval from the Secretary of U.S. Housing and Urban Development.
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