It’s basically an equity loan that you don’t have to pay back. It acts as a lien and would need to be paid back when the house is sold or an estate settled.
If used, it should be for repairs, replacing a roof or something like that. It should not be used to go on vacation.
It’s essentially an annuity secured by the house’s equity.
A reverse mortgage really should only be used for living expenses by an elderly person with few other assets. Unless you’re in your mid to late 70s or older and have tapped out all other sources of income, don’t do it.