Reverse Mortgages allow borrowers to tap the equity in their home to supplement their monthly income. Instead of making monthly payments to your mortgage company, they make monthly payments to you, up to a certain percentage of the available equity in the home.

The greatest advantage of this mortgage program is the ability of older homeowners to receive tax-free monthly income from the equity in their home. The schedule of payments will depend on the value of the home and the ages of the owners.