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There are ever increasing numbers of people, particularly seniors over the age of 62, who are using their homes as a means to raise money. How Reverse Mortgage Can Turn Your Home Equity Into a Paycheck? By utilizing the equity that has been built up in their homes they can qualify for some sizable reverse mortgages. Money is available as lump sum payments or regular monthly payments. The finances raised in this way are being used for debt consolidation, home improvements, education and medical expenses, investments for retirement and even to pay off existing mortgage loans on the property. Statistics show that seniors have available an estimated $5 trillion in home equity (this can become $10 trillion in a few years) and this certainly can hold huge advantages for them.