Retirees who have made the investment in home ownership have a valuable asset to draw upon. The equity that you have built in you home serves as the basis for taking out a reverse mortgage. Reverse Mortgage is a home loan line of credit that may be taken out against the equity for senior citizens who are at least 62 years of age. The proceeds of the loan may be used for any purpose. A reverse mortgage works in the opposite way of a traditional loan, instead of the borrower making payments to the lender, the lender is making payments to the borrower.