How do you pay back a reverse mortgage loan?

The reverse mortgage repayment process works a lot differently than it does with your typical mortgage loan. Getty Images/iStockphoto

For many retirees, a reverse mortgage can be a useful tool that adds some much-needed breathing room to their finances. By allowing homeowners ages 62 and older to tap into their home equity without the need for monthly payments, these unique loans can free up cash for everyday expenses, medical bills or nearly any other retirement needs. And, by borrowing this way, retirees can also stay in their homes, meaning that a reverse mortgage can be a potentially ideal option for those who need to borrow on a fixed income .

But a reverse mortgage isn't just free money. While there aren't monthly payments tied to reverse mortgages, they're still loa