Instead of building equity, many seniors are taking out reverse mortgages according to MSNBC, and receiving checks rather than sending checks. Seniors keep the title and the bank gets repaid with interest when the seniors move or die.

If you are over the age of 62, you qualify for a reverse mortgage. "Unlike a typical mortgage, a reverse mortgage isn't based on your income or credit. Instead, lenders look at your age and your home's value, and make an unusual requirement before you can get the most popular of these loans — you must go through counseling to get the federally insured reverse mortgage."

Reverse mortgages offer a great convenience for seniors, especially if there are no plans to move anytime soon.