If you haven’t retired and are already looking at tapping the equity in your home, the better question to ask might be, "is retirement the thing to do?" A reverse mortgage can be used by homeowners age 62 and older to access a lump sum or monthly payments that do not have to be paid off until you die or sell the home. ut the feasibility of such a strategy depends a lot on the equity you have in your home. Your existing mortgage would have to be paid off with proceeds from the reverse mortgage. Other strategies might include downsizing or selling and renting. We’re just a bit concerned about your "retirement readiness" given your question.