Many seniors reading this may very well be asking the question of whether a reverse mortgage will take care of their problems - or not. Are you presently looking for a way to supplement your income? Maybe your annuities (if you even have any) combined with your retirement and savings just isn't cutting it any more. And who can blame you. In this economy it's becoming increasingly hard for even younger people to survive. Seniors' don't have a great deal of options available to them - this is where reverse mortgages come into play .What Is A Reverse Mortgage And How Do They WorkDespite sounding complex, reverse mortgages are actually quite simple. A reverse mortgage works pretty much the same way as a traditional mortgage. It is the complete polar opposite. Whilst usually you obtain a loan from the bank and make monthly payments, with a reverse mortgage, the lender pays you. As you recieve payments, the house is yours to reside in.  Always be looking for the reverse mortgages pros and cons. You are always responsible for property taxes, HOA fees, and the like, so bear that in mind. Many seniors have defaulted on their reverse mortgage loans for this very reason. After you have died, the bank will then own the house. .Do I Need To Acquire A Reverse Mortgage?You're the only one that knows if a reverse mortgage will meet your requirements. For this reason it is very important that you research everything you can and discover all of the reverse mortgage pros and cons. There are numerous pros and cons related to this type of mortgage. Among the "pros" of a reverse mortgage is that you receive a payment depending on the equity of your home. It is possible to get lump sum payments or a monthly payment - it all is determined by how quickly you need the money or how you want to disperse it. Now, one of the down sides -and there is always a downside - is that the moment you die or move away, the loan becomes due. Once the happens, the bank will own your home free and clear. While the reverse mortgage has many pros and cons, it's important to perform your own due diligence. .