What is a reverse mortgage?  They are pushed as the ideal solution for cash-strapped seniors.  Companies advertise that if you are a Canadian homeowner over the age of 55, you can get up to 50% of your home’s value through a reverse mortgage.  You will not be required to make any payments towards the principal or interest during your lifetime or for as long as you own the home; the mortgage is paid from the proceeds of the home’s sale.