What is meant by In-Place Matrix Inversion?

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I come across the term "In Place Matrix Inversion" a lot in numerical libraries like NumPy and ND4J. What does it mean ? How is it different from the normal matrix inversion ? What are the advantages and disadvantages of it ?

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It means that the memory that was used to store the matrix is now used to store the inverted matrix. The advantages is that is saves memory and may be faster to calculate.

The disadvantage is is breaks referential transparency.

Also if you wish to use the uninverted matrix after you did the inversion you can't because it no longer exists.