A reverse mortgage is an arrangement that senior citizen homeowners, aged 62 and over, can make with their lenders to allow the homeowner to receive payments from the lender based on their home equity. These payments can be in the form of monthly payments, a lump sum, a revolving line of credit or any other agreed upon terms.
One of the greatest benefits of a government insured HCEM Reverse Mortgage is that the homeowner does not have to worry about repaying the mortgage during their lifetime. This is possible because once the homeowner continues to live primarily on that property and upholds the terms of the reverse home mortgage, repayment is not required until after the homeowner dies. In the case of a couple, repayment is not required until after the surviving party passes.
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