A reverse mortgage is a negatively amortized loan made available to borrowers 62 and over who have a lot of equity in their homes. This means the longer you have it the higher your payoff gets.
Customers who have paid their bills all their life have a handy resource in the equity of their homes. It is your right to use it as you see fit.
Reverse mortgage customers need to be living in the home as a primary residence and pay their own taxes and insurance. Lump sums for home improvements or other bills like medical payments are possible. The calculation by the lender is based on your age and the value of your home.