Itês called a reverse mortgage. The reverse mortgage is similar to a home equity loan, only in the fact that it pays you the equity you have in your house. The differences, though, are many. If you have a large amount of equity in your home, youêll want to consider a reverse mortgage.

The reverse mortgage does exactly what the phrase says. Instead of the homeowner making monthly mortgage payments, the bank literally reverses the action and pays the homeowner. Sound too good to be true? Itês not, and itês a completely legitimate program. Banks like it, because at the end of the term of the loan (usually when the homeowner dies), the bank acquires the house and may resell it.

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