If you’re age 62 or older, use this option to access equity in your home, without monthly loan payments. Borrowing options include receiving funds as:
- Lump sum payment
- Line of credit
- Receiving fixed monthly payments
You would continue to be responsible for making payments for taxes and insurance during the term of the mortgage. Reverse mortgage loans typically must be repaid either when you move out of the home or when you die. However, the loan may need to be paid back sooner if the home is no longer your principal residence, you fail to pay your property taxes or homeowners insurance, or do not keep the home in good repair.