A reverse mortgage is a type of home loan available to homeowners aged 62 or older. It allows you to convert part of your home’s equity into cash without having to sell your home or make monthly mortgage payments. Instead, the loan balance increases over time and is repaid when you move out, sell the home, or pass away.

To qualify, you typically must:
– Be at least 62 years old
– Own your home outright or have a low remaining mortgage balance
– Live in the home as your primary residence
– Keep up with property taxes, homeowner’s insurance, and maintenance