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A reverse mortgage is really quite simple. Basically, you can release the equity in your home as money for you, it can be yours without having to make any mortgage payments or without selling your house. Unlike a forward mortgage where you make payments and are given a sum of money to buy or refinance your loan (thus every month the balance goes down little by little), a HECM reverse mortgage can help you pay off your mortgage (somewhat like a t refinance ) or you can take out the equity from the property in the form of a loan. The bonus is that no payments are due, however the interest accrues to the back end of the loan and as your home increases in value this offsets your costs.