What do reverse mortgages enable some elderly homeowners to do?

Reverse mortgages are financial products specifically designed for elderly homeowners that allow them to access the equity built up in their homes without having to sell their property. This enables them to receive funds, usually in the form of a lump sum, monthly payments, or a line of credit, while still retaining ownership and the right to live in their homes.

One of the primary purposes of a reverse mortgage is to provide additional income or financial resources for retirees, who might otherwise face financial constraints on a fixed income. This option becomes quite valuable for seniors looking to cover living expenses, healthcare costs, or other financial needs without losing their home.

The other options, while they may seem relevant, do not describe the primary function or benefits of reverse mortgages. Selling a home at a higher price isn't directly related to what reverse mortgages provide, nor do they specifically enable homeowners to pay off existing mortgages or secure additional investment properties, as those activities pertain to different financial strategies or products.