A reverse mortgage is a loan that allows homeowners 62 years and older to access a portion of the equity in their homes for use in retirement. Reverse mortgages are also known as home equity conversion mortgages (HECMs), which are insured by the Federal Housing Administration (FHA). Note that not all reverse mortgages are federally insured. 

Refinances empower you to change the terms of your original mortgage, which you may want to do for a variety of reasons. Is this what you need?