Unlike other kinds of loans, borrowers don't have to pay back the debt immediately, instead deferring payment until they move out of the home or pass ... read more
Reverse mortgage fees. A reverse mortgage has fees that are similar to any other loan insured by the Federal Housing Administration. These include an initial mortgage insurance premium of 0.5% or 2.5% depending on the amount you take out. read more
Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. The money you get usually is tax-free. Generally, you don’t have to pay back the money for as long as you live in your home. read more