If you’re at least 62 years old, a reverse mortgage can let you turn part of the equity in your home into cash. You will not have to sell the home or take on additional monthly bills. The reverse mortgage does not have to be paid back as long as you live in your home. You only repay the loan when you sell your home or permanently leave it. Read more information about reverse mortgages. Types of Reverse Mortgages The three types of reverse mortgages include:  Federally Insured Reverse Mortgages - Known as Home Equity Conversion Mortgages (HECM) Proprietary Reverse Mortgages Single Purpose Reverse Mortgages Be sure to watch for aggressive lending practices, advertisements that refer to the loan as "free money," or those that fail to disclose fees or terms of the loan.  When finding a lender remember: Do not respond to unsolicited advertisements Be suspicious of anyone claiming that you can own a home with no down payment Seek out your own reverse mortgage counselor Never sign anything you do not fully understand Make sure the loan is federally insured Reporting Fraud or Abuse If you suspect fraud or abuse, let the counselor, lender, or loan servicer know. You may also want to file a complaint with: Federal Trade Commission (FTC) State attorney general's office State banking authority If you have questions, contact your local HUD Homeownership Center for advice.