Reverse mortgage loans are a valuable tool for homeowners age 62 and older looking to leverage their home equity. They allow borrowers to access a portion of their home’s equity as either a lump sum or ongoing monthly payments, without having to make any monthly payments to the loan’s lender. These funds can be used for a variety of purposes, such as health care, home repairs, or even just enjoying a more comfortable retirement. Unlike a traditional mortgage, borrowers are not required to make monthly payments to the lender, but they must remain current on their property taxes and insurance and use the home as their primary residence. When the borrower passes away, moves out, or sells the home, the loan is due; either the estate is responsible for repayment, or the loan’s proceeds are used to repay the loan.