Reverse mortgages are one way senior homeowners who are 62 years and older may be able to tap the home equity. A reverse mortgage gives the homeowner money they need without having to leave the house and without having to repay the loan until the owner dies, the home is sold, or the house is no longer used as the primary residence. As such, a reverse mortgage could be a good alternative to selling your home, home equity loan, and HELOC.