This type of mortgage is reversed, in the sense that instead of making payments to a lender, the lender actually submits payments to the property owner. It is often utilized by seniors seeking to convert the equity in their homes into cash (monthly payments) to supplement (or source) their retirement income. Paradoxically, borrowers do not qualify on the basis of income, but rather on their home’s value. As long as the owner still lives in the home, the loan does not have to be repaid. Typically, it is repaid when the owner sells the home and part or all of the equity would go to the HECM service provider.