What are the different types of reverse mortgages?

There are three main types of HECM reverse mortgages:

• Single-purpose: Funds are provided for a specific purpose, such as home improvements.

• Tenure: You receive fixed monthly payments as long as you live in the home.

• Line of credit: You have a line of credit that you can access as needed.

What happens when I no longer live in the home?

You (or your heirs) will need to repay the reverse mortgage when you no longer live in the home. This can be done by selling the home, refinancing the loan with a traditional mortgage, or in some cases, by selling some of the ownership interest in the home.

Are there alternatives to repaying the reverse mortgage by selling the home?

Depending on the specific terms of your loan, there may be alternatives to selling the home to repay the reverse mortgage. It's important to discuss these options with your reverse mortgage lender in advance.