Reverse mortgage in simple words means the Exact opposite of the home loan. Anyone who fully owns a house can get a loan. This works in way that the individuals loan money is given to him in EMI over a period of time this in turn can easily act as Monthly income. At the end of the allotted time the bank stops paying money. In the scene where one of the spouse dies the other can still live in the house, If both die the bank gives their heirs - 1) Settle the overall outstanding loan and retain the house or 2) The bank sell the house and uses the money acquired to settle the outstanding loan and gives the rest to the heirs.