This is how they work. Based on your age, where your property is located and type of home you are able to access up to 55% of the value n your home. The older you are, the more to can access. Unlike a traditional mortgage, there are no credit or income requirements to qualify. The home can be located in a city or in a rural community. You do not make ANY payments (not even interest!) until you are no longer occupying the home as your primary residence. Since the funds are coming from a loan against your primary residence, the income does not affect your other pension earnings; the money received it TAX FREE. The funds can be taken all at once or in monthly amounts, you get to decide how you need them. For example take $40,000 up front and then set up a monthly $2000 deposit to your account.