The recent drop in interest rates is positively changing the reverse mortgage landscape. One of the key factors that determine how much you are eligible to borrow is the interest rate. That said, the next few months could be an opportunity to cash in with a reverse mortgage.

There are three variables that control the amount of money you receive with a reverse mortgage:

Age - You must be 62 or older, but the greater your age the more you qualify for

Appraised Value -Your eligible amount is based on a percentage of your home value

Interest Rate - The lower the rate, the more you are eligible for

In some cases, today's lower rates can help make up for the decrease in property values. Here's sample of what's available for a 73 year old with a $200,000 appraised value and an expected rate of 5.1)

2. Home repairs/improvements (18)

4. Everyday expenses (10)

There are options available with no out of pocket costs, and counseling from a HUD approved counseling agency is required prior to application. This helps ensure your safety and comfort in the decision making process. In light of today's economic conditions, a reverse mortgage may be the right financial tool for you to use. That's called "Retiring in Style"!