A reverse mortgage is a loan that enables homeowners who are at least 62 years old to convert some of their home equity into cash, a line of credit, or to finance a home purchase with the freedom of no monthly payments. A reverse mortgage doesn't haven't to be repaid until the last surviving borrower or an eligible Non-Borrowing Spouse no longer lives in the home, or the home is sold.  The borrower is responsible for paying taxes and insurance and maintaining the condition of the home.