Reverse mortgages may allow anyone above 60 to borrow money against the home value. You may never have to make any payments against the loan amount till your death. On sale of the home, loan amount is recovered. You may not have to qualify any conditions to get the loan amount. You may always get a nice chance to get hands on some extra cash in your pocket which you could use to pay some cheap car insurance.  So, before taking the loan, try to inspect all possibilities of opting for reverse mortgage. You have to keep in mind that age plays a main role as the older you are the better loan amount you man get. You can decide on how you may like to receive the loan amount. You can pay property taxes regularly and you may not have to pay for the fee for option the loan.