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Is a non-recourse loan, meaning the cash value of a borrower’s house is what is used to pay the loan, with a portion of the home equity serving as collateral. Reverse mortgages can provide a steady source of income for seniors who have already paid off their homes and do not wish to sell or refinance them. If the home is sold or refinanced, typically after the borrower’s death, proceeds from that transaction will be used to repay the reverse mortgage. Loan repayment is not required until the last remaining homeowner passes away and any remaining equity can be passed on to the borrower’s heirs. If the home sells for less than the balance of the reverse mortgage, the estate is not held responsible for making up the difference. The lender is not allowed to claim or take any assets from the estate as compensation of their loss. The repayment process typically takes place approximately 6 months after the time of passing.

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