With a regular mortgage, lenders make a lump sum payment to the new homeowner in order to aid with the financing of a home purchase. The homeowner then repays the money to the lender through monthly principal and interest payments. Reverse mortgages, however, are quite different. With a reverse mortgage, the lender either pays the homeowner a lump sum, or makes monthly payments to homeowners for the terms of the loan. A reverse mortgage might sound like it is too good to be true, but many homeowners over the age of 62 are taking advantage of this type of loan.There are many homeowners that are reaching retirement age and finding out that they do not have enough income. One of the biggest advantages to a reverse mortgage for those of retirement age is that they no longer have to pay a monthly mortgage payment. Instead, they actually get paid each month themselves. Or they can use the money they received in the lump sum payment. The homeowners still have all ownership and use of the property and they do not have to pay the money back until they sell the house.