Reverse Mortgages are loan programs designed to allow senior homeowners aged 62 years and older that have either paid their home off or who have a significant amount of equity to receive cash from their home’s equity. The money received through a Reverse Mortgage does not have to be paid back as long as the homeowner is alive and resides in the home. Instead of the homeowners making payments to the lender, the payments that the buyer would normally make are taken from the equity of the home and allowing the homeowner to live in the house payment free.