Reverse Mortgages. Reverse mortgages are an ideal tool for the retired or soon to be. I have written several times about this option, the most recent in Should You Get a Reverse Mortgage? A reverse mortgage is available to those 62 and older and typically results in a lump sum payment. No payments are due and the loan doesn’t need to be paid as long as the borrower lives in the home. Just pay the taxes, insurance and owner’s association dues, if applicable. Requirements include sufficient equity and a determination that the loan requirements (maintenance of the necessary home expenses) can be satisfied. The maximum payout applicable to 2021 is $822,375.