A reverse mortgage is a loan against the equity in the home that provides regular advances, but requires no repayments during the term of the loan. With a reverse mortgage, you
remain the owner of your home.

The loan is generally not due and payable until the maturity date of the loan or until the borrower no longer occupies the home as a principal residence, e.g. the last surviving borrower sells, moves out permanently or passes away. The debt you owe on a reverse mortgage equals all the loan advances you receive (including any you used to finance the loan or to pay off prior debt), plus all the interest and any fees or charges that are added to your loan balance.