Who usually obtains reverse mortgages?

Reverse mortgages are typically obtained by older homeowners, usually aged 62 and above, who have significant equity in their homes. This financial product allows them to convert part of that equity into cash, which can be used for various expenses such as retirement costs, home improvements, or healthcare. The borrowers must continue to pay property taxes, homeowners insurance, and maintain the home, as the loan must be repaid when they move out, sell the home, or pass away.