Reverse Mortgages

The Borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the Borrower lives in the house, they are not required to make any monthly payments towards the loan balance. If the Borrower remains current on property taxes, homeowners insurance, and condominium fees (if applicable), and the Borrower is 62 years of age or older, they can convert part of the equity into cash.