Can you answer E S’s question about Equity?:

I hear too often that if my home has equity then thats great when it comes time to sell. The way I see it is that If I own a home free and clear then selling the home will allow me to keep all the money. If I still owe 20000 on my home and it has equity of 400k If I sell it for 400k then I simply pay off the balance of my mortgage (20k). Am I missing something here?

Reverse Equity Mortgage