reverse mortgage

  Reverse mortgages—what are they?   For as long as you continue to reside in the property, the loan from the reverse mortgage does not need to be repaid.     You can receive it all at once, as a set amount every month, or whenever and however you like.     Only upon selling the property, leaving permanently, or passing away are the loan and interest due.     To what end do 'Reverse Mortgages' serve?   Most don't need to be paid back as long as you continue to live in the house.   When the last surviving borrower dies, sells the home, or permanently moves away, the loan is fully repaid.   Due to missed payments, your outstanding balance will continue to increase. You cannot be required to repay more than your home is worth at the time reverse mortgage repayment the loan is paid off.   Since you still technically own the house, you're responsible for maintaining it and seeing to its upkeep costs and taxes . If you don't pay them, the lender can take that mo