Democratic Gubernatorial Candidate Eliot Spitzer promised to direct the State of New York Mortgage Authority to provide "reverse mortgages" for New York seniors.  The mortgage authority serves primarily moderate- and low-income home buyers.  Spitzer wants seniors to be able to tap into their home equity to pay for home repairs and health costs.

According to wire reports, Spitzer said while announcing his proposal before the New York StateWide Senior Action Council, "Most seniors want to live in their homes and communities as long as they possibly can.  Yet too many seniors have little choice but to opt for institutional care they do not want, and do not need ... our government has for too long avoided being creative and innovative in developing programs for our seniors."

Reverse mortgages can be an excellent alternative that allows seniors to stay in their homes.  But, do seek legal advice before signing any reverse mortgage contract and be certain you understand the implications both for yourself and your heirs.