A reverse mortgage is a type of home equity loan specifically designed for older homeowners. Borrowers have flexibility in how they choose to receive their loan proceeds and whether they want to make monthly principal and interest repayments to the lender or defer repayment until the loan comes due when the last eligible spouse moves, sells the home, or passes away. The National Reverse Mortgage Lenders Association provides information about reverse mortgages on its consumer education website reversemortgage.org you may find useful including this infographic debunking the top five myths about reverse mortgage loans.