There is a mortgage on the market now that is available to home owners ages 62 and older called a reverse mortgage. This mortgage is used to provide the homeowner with income from the equity in their home. It is a way for homeowners to borrow against what they have already paid out on the home, without having to make monthly payments.
Gather you and your spouse's birth dates, the last known value of your home, and the amount left owed on your current mortgage. The approximate value of your home can be found on your last tax bill and the amount that you owe on your current mortgage is listed on your last monthly mortgage statement.
Decide how you want your reverse mortgage to work. Do you want to receive monthly payments from the loan? Do you want to use the loan as a line of credit? Do you want to receive the loan in one lump sum? Or, do you want some combination of the above options?
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Go online to a reverse mortgage calculator, such as Bank of America's option. http://reversemortgage.bankofamerica.com/details/how-reverse-mortgages-work/reverse-mortgage-calculator.aspx.
Enter your home's zip code, you and your spouse's birth dates, the approximate value of your home and the amount left owed on your current mortgage(s) and click on the "Calculate" button.