A reverse mortgage is a home-secured loan that works in reverse to a traditional mortgage.
In a reverse mortgage, a financial institution lends you an amount of money in exchange for putting up your home as collateral. The main characteristic of this type of loan is that the amount does not have to be repaid month by month. Instead, it is repaid upon death or when the debtor chooses.
Reverse mortgages are a specific product for homeowners over 65 years of age and a way to monetize your home.
Here you can find more information on how a reverse mortgage works.