A reverse mortgage is a loan available to homeowners over 62 years of age that enable the homeowner to
convert part of the equity in their home to cash.
The loan is called a reverse mortgage because the traditional mortgage payback model is reversed.
Instead of the homeowner making monthly payments to a lender, the lender makes either a lump sum payment, or
a stream of payments to the homeowner.
The homeowner is not required to repay the loan and is entitled to live in the home for the reminder of their life, and
the life of their spouse if applicable, without any repayment. The loan needs to be repaid only upon the sale of the property, or
the passing of the homeowners. Upon the sale of the home, any remaining equity is paid to the homeowners, or their estate.