Reverse mortgage is a loan for older people so that they receive monthly, tax free payments without selling the house.

• What is the qualification?
You must be 62 and must have equity built in your home.

• What if the house is mortgaged?
You may qualify even then. The money received should be used to pay off the  initial mortgage.
• How much money is paid to me?
It depends on factors like the home age, the valuation, your age at the time  of taking the loan, and current interest rates.

• Are they monthly payments?
No. Money can be got in form of lump sum, lines of credit, and monthly  payments.
So, you can see if it suits your need.