A reverse mortgage, sometimes called a lifetime mortgage, is one in which the lender pays the homeowner the value of the equity in the home as a lump sum or regular payments, reducing the equity in the home. The obligation to repay the loan is deferred until the death of the homeowner or the home is sold. When the house is sold or the borrower moves, the borrower must repay the loan plus the accrued interest. Rarely do the reverse mortgages exceed the value of the home. Most reverse mortgages are age-dependent, requiring the homeowner to be at least 62 years of age. These loans—much like home equity loans—represent a difficult decision-making process and should not be entered into lightly.