Today, more than ever, real estate is more than just a place to reside.  For many Americans, real estate is an integral part of ones total financial plan, particularly retirement.  The days of working and retiring with one company are a thing of the past, so too are the expectations that those retirement plans will provide adequate income.  Fortunately, Congress enacted provisions particularly beneficial to real estate ownership; the $500K capital gain exclusion on sales and the approval of reverse mortgages for aging taxpayers.  Reverse mortgages offer senior homeowners the possibility of capitalizing on the equity they have built up over the years and utilizing the proceeds for any purpose, without the obligation to pay back the loan as long as they continue to live in the house.  To be eligible, homeowners must be at least 62 years of age and on two types of reverse mortgages, the single purpose (say to pay property taxes, home repairs or improvements) and home equity conversion mortgages (HECM) there are limits to amount that can be borrowed.  These mortgages are guaranteed by Fannie Mae or HUD and must meet the requirements set forth by those agencies/lenders.  A third type, proprietary reverse mortgages, has no predetermined lending limit but is subject to the lenders LTV (loan to value), appraised value and other factors.  In general, the more valuable your home, and the less you owe on it, the more money you can get.  Reverse mortgages are particularly useful in providing needed cash to senior homeowners trying to live on social security and those facing the daunting costs of elder care.