Tap Into Equity With a Reverse Mortgage

Editor's note: As a special feature for April, TheStreet.com offers a series of 20 stories on everything you need to know about real estate. Today's installment is Part 5.

Grace Grimm was widowed in her 30s and raised three daughters and a foster son. Last year, the 72-year-old Hummelstown, Pa., native decided she was ready to "enjoy life a little bit," but felt she couldn't give up her job at Verizon(VZ Quote) and keep making the payments on her $265,000 house.

But rather than sell the house, she opted to take out a reverse mortgage that allowed her to pay off the balance of her original loan and get a line of credit to pay for maintenance and upkeep. "This is my home, and I didn't want to give that up," she says. ...