Reverse mortgages are designed for adults 62 and over who own their own home and wish to access their home's equity while retaining ownership. These programs are government insured and can provide tax-free cash on a monthly basis. Reverse mortgages allow elders to access thehome equitythey have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, theinterestis added to the loan balance each month. The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years. However, the borrower (or the borrower's estate) is generally not required to repay any additional loan balance in excess of the value of the home.

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