A lot of seniors struggle to pay their bills and provide for themselves because they have limited income and have no money in their saving's accounts. The one thing these seniors often have, though, is a house that is paid off. If you have a house that is paid off and need some extra income each month, you could do what many seniors are doing – getting reverse mortgages. Here are three situations in which this is a good idea for a senior.

The person has a fixed income and no money in savings

A reverse mortgage offers a way for a person to receive income from their home without selling or renting it out. In fact, to qualify for a reverse mortgage, the borrower must be living in the home. People often reach out to lenders for these loans when they have fixed incomes and no money in the bank. People in this position must learn to live off the small amount of fixed income they have, and this amount might not be a lot. In fact, it might be barely enough to even get by. A senior in this position could access the equity in his or her home by applying for a reverse mortgage. Doing this would give this senior more income per month, and this could help the senior enjoy life a little bit more.

The person does not have any assets to sell

A person that lives on a fixed income and has no money in the bank might also be in a position where he or she has no assets to sell. When a person has some valuable assets, he or she could sell them and use this money to live on, but there are a lot of seniors that only have their homes and nothing else.  

The person plans on living in the house for many years

When a senior takes out a reverse mortgage, he or she must repay the money borrowed from the equity in the house when he or she dies or moves out of the house. Therefore, if a senior is not planning on living in the house very long, getting a reverse mortgage typically does not make sense, but it does make sense for a person who plans on staying in the home for many years.

If you can relate to any of these situations, getting a reverse mortgage might be a great option for you. You can find out the details of reverse mortgages by talking to a lending institution like Senior Mortgage Solutions that specializes in offering reverse mortgages.