A reverse mortgage is a loan that allows homeowners who are 62 years of age or older to convert a portion of their home equity into cash. The loan is repaid when the borrower sells the home, moves out of the home permanently, or passes away.

The benefits of a reverse mortgage include the ability to access funds from your home equity without having to sell your home, the option to choose how you receive the funds (lump sum, line of credit, or monthly payments), and the fact that the loan does not have to be repaid until you sell your home, move out of the home permanently, or pass away.

The limitations of a reverse mortgage include fees and closing costs that can be higher than with a traditional mortgage, the fact that the loan will reduce the equity in your home over time, and the requirement to maintain the home and pay property taxes and insurance.

Yes, it is possible to lose your home with a reverse mortgage if you do not meet the requirements of the loan, such as maintaining the home and paying property taxes and insurance. If you fail to meet these requirements, the lender can foreclose on the loan and you may lose your home.

Whether a reverse mortgage is right for you depends on your individual situation. If you need access to funds from your home equity and are comfortable with the costs and limitations of the loan, a reverse mortgage may be a good option. However, it is important to speak with a financial advisor and consider other options before making a decision.