How does the reverse mortgage get paid off when I sell my home?

A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. A reverse mortgage allows you to take the equity you've built up in your home over the years and convert it into tax-free cash. The loan amount may be used by the Senior Citizen borrower for varied purposes including up-gradation/ renovation of residential property, medical exigencies, ... Reverse mortgages work by allowing homeowners to tap into their home's equity while continuing to reside there well into retirement years. Reverse mortgage means a nonrecourse loan secured by real property which: (1) provides cash advances to a borrower based on the equity or future appreciation ... Jun 2, 2020 ... A reverse mortgage is a loan available to senior homeowners (62 years and older) that allows them to convert part of the equity in their homes ... Reverse mortgage loan, a loan originated, made or brokered by an authorized lender which: (a) Is secured by residential real estate property; Mar 27, 2025 ... The reverse mortgage company stops making payments at the end, similar to what happens when you pay off a normal mortgage. At that point, the ... Reverse Mortgage Magazine. Download current and back issues of Reverse Mortgage magazine to get the latest news and insights from industry professionals. May- ... What Is A Reverse Mortgage ... A Home Equity Conversion Mortgage, (HECM), commonly known as a reverse mortgage loan, is a Federal Housing Administration (FHA) ...