Chances are, you've seen commercials boasting the benefits of a reverse home mortgage: "Let your house pay you a regular monthly dream retirement earnings!" Sounds fantastic, right? These claims make a reverse mortgage noise practically too good to be true for senior homeowners. But are they? Let's take a more detailed look. A reverse mortgage is a kind of loan that uses your house equity to supply the funds for the loan itself.

It's basically a chance for retired people to use the equity they've constructed up over several years of paying their mortgage and turn it into a loan on their own. A reverse home mortgage works like a routine mortgage because you have to apply and get approved for it by a lender.

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