A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.

A reverse mortgage lets you borrow against your home’s equity so you get cash without selling your home. You can choose to receive a lump-sum payout, regular payments over time or a line of credit that allows you to take out money when you need it.

Reverse mortgages are often targeted at senior citizens who have tight budgets, fixed incomes, and a majority of their house paid off. Reverse mortgages may seem like they could be a helpful cash-flow option for people in their retirement, but really, these mortgages put seniors and their heirs at financial risk.

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The good news for heirs is that reverse mortgages are "nonrecourse" loans. That means if the loan amount exceeds the home’s value, the lender cannot go after the rest of the estate or the heirs.

Common reverse mortgage misconceptions. A reverse mortgage is much like other mortgages in which borrowers use their home equity to pay other expenses; however, a reverse mortgage has special terms for people age 62 and older. With a reverse mortgage, you retain the title to the home.

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However, there is no restriction how reverse mortgage proceeds can be used. The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The borrower is not required to pay back the loan until the home is sold or otherwise vacated.

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A recent comment from our reader: To whom it may concern: I have read so many reverse mortgage info. It sounds like it’s not really to help you but for the bank to help themselves. It’s designed to make you think they are helping you, but the truth is you are really giving away [.]

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