People are living much longer these days, and while that’s a good thing, there’s a part of aging that many of us don’t want to face: the high cost.

Think of every bill you have now—housing, clothing, food, medical, utilities, taxes, etc. Even if you live to be 100, many of those expenses won’t go away, and some, like medical care, will significantly increase. I know that’s the case for my in-laws!

A huge amount of seniors literally can’t afford to retire, even if they’ve had a job for decades. (50% of American households have NO retirement savings at all.) Working longer is an option, sure, if you’re healthy. But what about folks who truly can’t work and can’t get by on Social Security alone? (This is way more common than anyone realizes).

Our elders shouldn’t have to face such agonizing choices. They want freedom and fun, time to golf, and travel, and see the grandkids. They were promised a retirement and they deserve it; the only question is how to finance those Golden Years.

Most people don’t want to move in with their adult children, nor do they willingly choose a nursing home. They want to stay in their own place, preferably until they die. If they have a paid-off home, a reverse mortgage is an option.

For those who aren’t familiar, a reverse mortgage is exactly what it sounds like: instead of borrowing money to buy a home, you remove the money from your home (the equity). That money is then freed up for living expenses, and yes, you can remain in the home, even though you’ve taken the equity out.

The terms of a reverse mortgage can vary greatly. The age of the homeowners is a factor (at least one spouse must be 62 or older). The condition of the home itself and its market value is another. If this sounds complicated, it can be, and it’s worth getting sound financial and legal advice before you make a decision.

After careful consideration, if you want to move forward, the good news is that there are lenders that can help. Most big banks that accept reverse mortgage applications, smaller local banks and credit unions participate, and there are federal programs offered through HUD.

A reverse mortgage isn’t for everyone, but for those who are desperately in need of money, don’t want to sell their home, and can’t work anymore, it might be the best solution.