Home equity loans have been, until recently, an easy way for Americans to finance their spending. For seniors with mortgage free homes, one of the most popular ways to do this is by means of the reverse mortgage. A reverse mortgage allows you to borrow money against the equity of your house, without having to pay it back in installments. The repayment takes place you die, move house or sell it off. A reverse mortgage requires no income proof and the only eligibility criteria is home ownership by a person aged 62 or more.