A reverse mortgage is a loan that lets you borrow the equity in your home. Unlike traditional mortgages, you receive the money from a reverse mortgage up-front, either as a lump sum or in monthly payments. Then, you pay the loan back when you sell the home, move or pass away. Reverse mortgages are typically available for people who meet all of the following requirements:
- Age 62 or older
- The home is your primary residence
- Most or all of the home is paid off