A: A reverse mortgage is the only way to borrow money against the equity in your home without ever having to make a payment. A reverse mortgage can reduce financial stress and/or improve a retiree’s standard of living. The loan, plus interest, gets paid back when the last remaining homeowner passes away or moves out of the home. Any remaining equity after paying off the loan passes to the homeowner’s beneficiaries. The loan is also non-recourse, so you and your heirs can never owe more than the value of the home. The youngest homeowner must be 62 and any existing mortgage must be paid off by the reverse mortgage. Read: Reverse Mortgage: An Underutilized Tool? & Reverse Mortgages: The Latest Research.