A revers mortgage is a program developed for seniors ages 62 or older that allows these people to get some equity out of there home. The program is one established by the federal government. Essentially the home owner can get money out of there home in a number of different forms. They can get one lump sum, get monthly payments, some sort of credit line, or do a combination of various options.

In the case of a traditional mortgage, a property owner makes payments to the lender until the full amount is paid at which point the ownership of the property is released. The difference is in a reverse mortgage the person who owns the property does not have to make any payments, and the payments they do make go towards increasing there line of credit or the amount of money they can get out of the property.