Reverse mortgage

A loan given to homeowners in exchange for equity in their homes.  The loan does not have to be repaid until the homeowner dies, sells the house, or moves.  Under the FHA's reverse mortgage program, homeowners must be at least 62 years of age, own the property completely or have only a small mortgage, and meet various other conditions to qualify. 

Reverse Mortgages for Seniors (U.S. Department of Housing & Urban Development)

http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm