A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA)1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. Taking a reverse mortgage out on a home allows the homeowner to receive liquid cash from the value of their home, without having to move out of the home. As long as the homeowner occupies the home and pays their taxes, this money will be paid out to them as fixed monthly payments, a lump sum, a line of credit, or a combination of these options. The money can be used for whatever the borrower wants to use it for, but many people choose to use the money to pay for continuing senior care services, such as in-home care.