Here is some need-to-know info everyone should have when considering a reverse mortgage. What is a reverse mortgage? Reverse mortgages are federally insured loans anyone 62 and over who has equity in a home can take out as cash for their financial necessities. Better known as a Home Equity Conversion Mortgage (HECM), it allows you to take a portion of what you’ve invested into your property to pay off an existing mortgage and anything else you may need. Although you still have to take care of paying property taxes, homeowners’ insurance, and home maintenance costs, this frees up some money so you’re able to handle these costs. The loan is repaid when you and your spouse can pay it back or have moved on.