Homeowners aged 62 or older typically need 50% to 60% home equity to qualify for a reverse mortgage, with government-backed HECMs requiring 50%. Reverse mortgages allow tapping home equity for cash without monthly payments, but payment is due upon selling, moving, or death. Risks include foreclosure if property taxes or insurance aren't paid. Benefits include no credit or income requirements and tax-free funds. Borrowers must attend a counseling session before approval.