A mortgage whose proceeds are made available to the homeowner against the equity that is built up in the house. The homeowner is paid a monthly sum until the monthly payments have equaled the value of the mortgage. Reverse mortgages typically are used by older, cash-poor but equity-rich homeowners who need to access some of the cash value of their house in order to supplement their monthly income. Although the mortgage can be paid back, typically the bank takes ownership of the house when the owners die.