Pour one can of sweetened condensed milk into a casserole dish or pie plate. Cover with foil.
Place in a larger pan and fill to 3/4" with water. (Fill water as needed while baking)
Bake 60-90 minutes or until condensed milk has reached a golden brown color.
Note: If you caramel forms a thin crust on top, you can either just use the caramel underneath or blend using an immersion blender for a minute to mix it in.
Nutritional information provided is an estimate and will vary based on cooking methods and brands of ingredients used.