A reverse mortgage is a type of loan that allows homeowners to convert part of the equity in their homes into cash. Unlike traditional mortgages, where homeowners make monthly payments to the lender, with a reverse mortgage, the lender makes payments to the homeowner.

To be eligible for a reverse mortgage, you must be at least 62 years old, own your home outright or have a low mortgage balance that can be paid off with the proceeds from the reverse mortgage, and live in the home as your primary residence.

The amount of money you can get from a reverse mortgage depends on several factors, including your age, the value of your home, and current interest rates. Generally, the older you are and the more valuable your home is, the more money you can get from a reverse mortgage.

Yes, eventually. You do not have to make monthly payments on a reverse mortgage, but the loan must be paid back when you sell the home, move out of the home, or pass away. If the loan is not paid back, the lender can foreclose on the home.

A reverse mortgage can benefit homeowners who are retired or nearing retirement and have significant equity in their homes but may not have enough income to meet their financial needs. With a reverse mortgage, they can access the equity in their homes without having to sell the home or make monthly payments on a traditional mortgage.