A reverse mortgage is for homeowners facing retirement who want to borrow money against the equity in their home and receive cash in tax-free payments. A reverse mortgage is different from other types of loans because repayment, including accrued interest, is not required until the homeowner passes away or decides to sell the home. The only payments you have to make are property taxes, home insurance, and the cost of maintaining your home. To get a reverse mortgage, you have to be over the age of 62, and usually there can be no existing liens against the home. Check with your lender for specific terms.