A reverse mortgage is a type of mortgage that is only available to those who own outright or mostly own their home and are over the age of 62. In this type of loan, the mortgage company makes a monthly, annual or lump sum payment to the property owners. This payment is usually monthly and will continue for the rest of their lives. In exchange, the mortgage company will own the home they are living in after both owners have died. At that time, the mortgage company will sell the property to recoup the costs. It may also be purchased, with interest, from heirs at that point. A reverse mortgage is one type of retirement income that many people are using to compensate their other income.