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.

As people retire, most live on a fixed income. Over time, this income just isn't enough, as the cost of living rises. If you are 62 or older, you can tap into the equity in your home with a program specifically designed for seniors.

While fees are a bit higher with a reverse mortgage, the process is simple and securing. Click here to be contacted by a broker who specializes in reverse mortgages.

U.S. 30-year mortgage rates rose to an average of 5.69 percent in the week ending Feb. 24 from 5.62 percent a week earlier. It was the highest level for 30-year mortgage rates since 5.74 percent in the week ended Jan. 13. (MSNBC)

Applications for U.S. home mortgages decreased last week as a drop in home purchasing activity offset a marginal increase in refinancing, amid a rise in interest rates, an industry group said on Wednesday (MSNBC.COM).

Freddie Macs weekly survey of mortgage rates released Thursday showed that rates on 30-year, fixed rate mortgages averaged 5.62 percent for the week ending Feb. 10, up from 5.57 percent last week, according to MSNBC.com.

Nonetheless, housing sales are still supposed to achieve almost record sales this year.

In other news, applications for U.S. home mortgages decreased slightly last week as a drop in home purchasing offset an uptick in refinancing, an industry group said Wednesday according to CNNMoney.

According to a MSNBC.Com story, Mortgage applications up in latest week, "a decline in mortgage rates to their lowest level in almost a year spurred increased home refinancing activity, but it failed to fuel home purchasing."

Fixed 30-year mortgage rates averaged 5.48 percent last week, down from 5.61 percent the previous week - reaching almost the lowest level mortgage rates have been in a year.

The fact that home sales were not significantly affected does seem to indicate that potential home buyers are not sure about current home prices. One would assume that the cheaper the mortgage rate, the more expensive the home one could purchase, but perhaps the affordability of today's homes has reached too high.

Click here to be contacted by a mortgage broker.

Applications for U.S. home mortgages increased last week as U.S. consumers came out in droves to refinance their existing loans, the Mortgage Bankers Association said today.

Fixed 30-year mortgage rates averaged 5.61 percent last week, up from 5.58 percent the previous week.

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