A Reverse Mortgage is a loan option for homeowners age 62 and older. This option may be a better home equity loan solution for older adults because it eliminates mortgage payments as long as you live in the home and obey with the loan terms. The borrower is responsible for paying property taxes, homeowner’s insurance, and for home maintenance. Many seniors find this option most suitable for them as it eliminates their mortgage payments and helps to pay for in home care.