What Is a Reverse Mortgage?
Updated 7 days ago (March 6, 2026)
A reverse mortgage is a special type of mortgage loan designed for homeowners who are at least 62 years old. This mortgage lets the borrower access home equity without paying off the loan balance.
Additionally, under a reverse mortgage, the borrower does not need to make monthly payments on the mortgage. However, when the borrower no longer lives in the house, the mortgage loan must be repaid. Interest and certain fees are added to the loan balance each month and so the reverse mortgage can become expensive.
Under a reverse mortgage, the homeowner still has to pay property taxes and homeowners' insurance and keep their house in good condition.
Financial Disclaimer: Tellus provides this content for informational purposes only. This is not financial advice. Financial returns and mortgage terms vary based on individual circumstances and market conditions. Consult a qualified financial advisor before making financial or borrowing decisions.