Who owns your house when you have a reverse mortgage?

When you borrow against your home equity with a reverse mortgage, there are a few big strings attached. Getty Images/iStockphoto

With home values remaining high in most markets and mortgage rates elevated over much of the past year, it makes sense that homeowners who need to borrow money are looking at their options for tapping their home's equity . After all, rates for home equity loans and home equity line of credit (HELOCs) are lower than what you'd get with most other types of loans, and the amounts you can borrow tend to be higher, too. But homeowners over the age of 62 have an additional option to consider: a reverse mortgage .

Reverse mortgages have become an increasingly popular home equity borrowing option for retirees , as these unique loans allow