Reverse mortgages enable eligible homeowners to access the money they have built up as equity in their homes.  They are primarily designed to strengthen seniors' personal and financial independence by providing funds without a monthly loan re-payment burden during their lifetime in the home. 

The major eligibility requirements are that the applicant must be at least 62 years of age and own and occupy a home whose mortgage has been paid in full (or with only a very low mortgage balance remaining).