Who usually obtains revers 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 a portion of their home equity into cash, which can be used for various purposes such as supplementing retirement income or covering healthcare expenses. The borrowers must continue to pay property taxes, homeowners insurance, and maintain the home. This option is often appealing to retirees looking to access funds without the need to sell their home.