Reverse mortgage
A loan for homeowners 55+ that lets you access up to 55% of your home's equity tax-free with no monthly payments required. Interest accrues; the loan is repaid when the home is sold or the last borrower dies.
A reverse mortgage turns home equity into tax-free cash without forcing a sale or requiring monthly payments. You keep title and stay in the home; the balance (principal plus accrued interest) is repaid only when you sell, move out, or pass away.
How much you can access depends on your age, the home's value and location, and the lender — generally up to 55% of value, with more available the older you are. Rates are higher than a standard mortgage, and because interest compounds, the balance grows over time and erodes the equity you leave behind.
It suits retirees who are house-rich but cash-poor and want to age in place. For some, a HELOC or downsizing is cheaper — so it's worth comparing the options against your goals before committing.
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