A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.

A reverse mortgage pays homeowners in advance for title to their principal residence. The loan comes in the form of a lump-sum or monthly payment, or a line of credit. When the homeowner moves out.

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– Reverse mortgage definition is – a mortgage that allows an elderly person to convert home equity into available funds through a line of credit, cash advance, or periodic disbursements to be repaid with interest usually when the borrower dies, moves, or sells the home.

When the last reverse mortgage borrower passes away, the loan becomes due. The heirs of the borrower have a few choices when it comes to repaying the loan. Heirs can sell the home to pay off the loan balance and retain any excess equity. Or, if they want to keep the home, they can refinance the loan, or pay it off out of pocket.

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The National Reverse Mortgage Lenders Association created, " What Do I Do When My Loan is Due?, " a free brochure to walk reverse mortgage loan borrowers and their families through the end of the loan process when it is time for the loan to be repaid. This guide will help you prepare when a Maturity Event occurs and the loan has to be repaid.

The only requirements to obtain a reverse mortgage are that you are 62. The loan must be repaid when the last surviving borrower dies, sells.

However, you don't actually have to pay anything to a reverse mortgage lender. The loan is repaid when the borrower sells the home or dies.

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However, there is no restriction how reverse mortgage proceeds can be used. The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The borrower is not required to pay back the loan until the home is sold or otherwise vacated.

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