Here's how it works:

1. Eligibility: You must be at least 62 years old, own your home outright or have a low balance on your mortgage, and live in the home as your primary residence.
2. Application: You apply for a reverse mortgage through a lender, and they'll assess your creditworthiness, income, and the value of your home.
3. Loan amount: The lender will determine how much you can borrow based on your age, home value, and interest rates. The loan amount is typically a percentage of your home's value.