With a reverse mortgage, qualified homeowners who are 62 years of age or older (and sometimes as young as 55) can turn some of the equity in their property into cash. In contrast to a conventional mortgage, a reverse mortgage exempts the borrower from making regular payments to the lender. Instead, the lender has the option to give the borrower payments in the form of a lump sum or a recurring income stream. The borrower is not compelled to pay back the loan until the house is sold, the borrower passes away, or the borrower permanently vacates the property. For seniors who are struggling financially on a fixed income or want more flexibility/freedom in retirement years, reverse mortgages might be a helpful financial instrument.