OK, we're all familiar with the various permutations of a regular mortgage: you borrow money (in a variety of ways, to be sure) to purchase a house or apartment and then you pay back that loan over time.
Something that's becoming a great deal more popular as the population ages is (and especially in California for some reason) are CA reverse mortgages. The essential point here is that instead of using one of these California reverse mortgages to purchase a home you are in effect selling it.....but you get to stay in the home until you decide (or find that fate has decided for you) to leave it permanently. You might get a lump sum from such a program, but the more usual reason is to provide a regular income.
Yes, that's right, Ca reverse mortgages are about freeing up he equity in your home, but you get to stay living in it, and those offering the reverse mortgage are paying you regularly for the right to take possession of the house in the future.
It can be an excellent way for those asset rich but income poor to turn one asset into an income. Click through any of the links above to find out more about these programs.