A reverse mortgage is a loan secured by a home that lets older homeowners access their property's equity without making monthly mortgage payments, with the loan balance growing as interest accrues over time. While the balance can eventually exceed the home's value, borrowers or their estates are generally not required to repay more than the home is worth (a non-recourse feature). Economists see these loans as a way to smooth income in retirement, but regulators like the Consumer Financial Protection Bureau (CFPB) warn they are complex, prone to misleading advertising, and carry risks of fraud and foreclosure if taxes or insurance are unpaid. Regulations vary by country: Australia amended its National Consumer Credit Protection Act in 2012 and requires ASIC-licensed advisers, Canada mandates independent legal advice, and the US allows foreclosure for non-payment of property charges. In Australia, borrowers must typically be 60 or 65 or older, can borrow up to 50% of the home's value, and often have costs rolled into the loan, which then compound with the principal.