A loan in which the lender pays you in monthly installments rather you pay to the lender is known as the reverse mortgage. Since there is a reversal in the payment stream, the name reverse mortgage. The conversion of senior citizens equity in their home to tax-free income is enabled by the reverse mortgages. The money can be accessed by the homeowners those who have built in their home equity is also enabled by the reverse mortgages. The independence in personal and financial strength for the seniors can be provided by reverse mortgagers without burdening them to do monthly payment in their lifetime when they are at home. This is the main purpose for the design of reverse mortgages. The requirements that are needed to meet the qualification of application in reverse mortgage information are the applicant should be above sixty-two years old and they should reside in their own resident. The personal residence may be single family residence, condo, mobile homes, town home, multiple unit building which can be qualified whereas, Co-ops is not qualified. These are checked by the loan officer who makes visit to the home and collects the necessary details. He will provide the suggestions and clarify all the doubts regard getting reverse mortgages.