A reverse mortgage is a non-recourse loan for homeowners aged 62+ that converts home equity into tax-free cash payments. No loan payments are required until the home is no longer the primary residence. Common uses are supplementing income, estate planning, long-term care, or funding retirement home purchases. Eligibility requires primary residency in a home owned free and clear. The maximum loan amount depends on the homeowner's age, home value, and interest rates. Loan proceeds can be taken as a lump sum, monthly payments, line of credit, or combination. The loan becomes due when the last homeowner dies, sells the home, or does not live there for over 12 months.