What is reverse mortgage scheme

In layman language, a reverse mortgage is a scheme whereby people (esp. senior citizens in retirement, in need of a smooth and regular income for survival) can borrow money by pledging their houses as collaterals against such loans.... The benefit is they get to live in the house and the loan amt. is disbursed to them at regular instalments, and the house will be sold by the bank, in most cases only after the death of such person.

For more detailed info, you can refer to :

https://en.wikipedia.org/wiki/Reverse_mortgage