Reverse mortgages are a way to increase your spendable income in retirement. Whereas a traditional mortgage requires regular payments in order to gain ownership and home equity, a reverse mortgage gives you spendable cash based on the value of your home. A reverse mortgage is special in that you will not be required to make any payments on the mortgage as long as you live in the house and satisfy the loan terms. Right to stay in your home is contingent on meeting loan terms. The borrower must occupy the home as a primary residence and is responsible for payment of property taxes, homeowner's insurance, the costs of home maintenance and any HOA fees.Ultimately the loan is repaid when the house is sold, either when you move out or pass away.