Better read this if you are 62 or older and still making mortgage payments.

More than 1 million seniors have taken advantage of this “retirement secret.”

It’s a well- known fact that for many older Americans, the home is their single biggest asset, often accounting for more than 45% of their total net worth. And with interest rates near all- time lows while home values are still high, this combination creates the perfect dynamic for getting the most out of your built- up equity.

But, many aren’t taking advantage of this unprecedented period. According to new statistics from the mortgage industry, senior homeowners in the U. S. are now sitting on more than 7.19 trillion dollars* of unused home equity.

Not only are people living longer than ever before, but there is also greater uncertainty in the ecomony. With home prices back up again, ignoring this “hidden wealth” may prove to be short sighted when looking for the best long- term outcome.

For example, a lot of people mistakenly believe the home must be paid off in full in order to qualify for a HECM loan, which is not the case. In fact, one key advantage of a HECM is that the proceeds will first be used to pay off any existing liens on the property, which frees up cash flow, a huge blessing for seniors living on a fixed income. Unfortunately, many senior homeowners who might be better off with a HECM loan don’t even bother to get more information because of rumors they’ve heard.

In fact, a recent survey by American Advisors Group (AAG), the nation’s number one HECM lender, found that over 98% of their clients are satisfied with their loans. While these special loans are not for everyone, they can be a real lifesaver for senior homeowners - especially in times like these.

The cash from a HECM loan can be