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At present, an elderly needing additional cash to help him in some pressing concerns can resort to a particular helpful financial solution known as reverse mortgage. The good thing about this financial transaction is that the borrower, who must be at least 62 years of age, will not have to worry about monthly amortization. In fact it is the lender who will pay him monthly, quarterly, annually, depending on how the borrower prefers it. The senior's income and capacity to pay back the loan is not among the factors for this loan. The debt will be actually secured by the value of the house owned by the borrower. Upon the happening of certain situations like the death of the borrower, the house is sold, the senior ceases to use the house as a primary residence, or when conditions are violated, that payment will be due and demandable. Once the loan is granted, the senior will have the full discretion as to where to spend it.