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• How It Works: The lender makes payments to you (either as a lump sum, monthly payments, or a line of credit), and the amount you owe increases as interest and fees are added to the loan balance each month. You retain the title to your home but are still responsible for paying property taxes, homeowners insurance, and maintenance costs.
• Repayment: The loan becomes due when specific events occur, such as the homeowner's death or permanent move. The debt is typically repaid by selling the home. Most reverse mortgages are "non-recourse" loans, meaning the amount owed can never exceed the value of the home at the time of repayment.