Known as reverse mortgages, reverse mortgages are a type of home equity loan for homeowners 62 and older. These allow homeowners to borrow a portion of home equity as cash. Unlike a regular mortgage, on a reverse mortgage, the interest is added to the total loan each month, and the total increases. The loan must be paid in full when the last borrower, co-borrower, or eligible spouse sells the home, moves out of the home, or dies. Most reverse mortgages are called Home Equity Conversion Mortgage (HECM). HECMs are insured by the federal government. If you are interested in a reverse mortgage, see a HECM advisor first.

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