A reverse mortgage is a type of loan that allows homeowners, typically those aged 62 or older, to convert part of their home equity into cash without having to sell their home or make monthly mortgage payments.

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

Some of the key legal protections for reverse mortgage borrowers include counseling requirements to ensure they fully understand the terms of the loan, limits on the amount that can be borrowed, and protections against foreclosure if the borrower meets certain conditions.

While reverse mortgages can be a valuable financial tool for some homeowners, there are also risks to consider, such as the potential for high fees and interest rates, the possibility of depleting home equity that could be passed on to heirs, and the risk of foreclosure if the borrower fails to meet the loan terms.