Reverse Mortgages Home What are Reverse Mortgages? Who is eligible for them? Types of Reverse Mortgages Why choose Reverse Mortgages Paying back Reverse Mortgages Questions to ask lenders Their disadvantages Reverse Mortgage requirements Origination and MIP Fees Dealing with closing costs The process of getting one What is the HECM? Appraisal Fees Servicing Set-Aside paying back your reverse mortgage   The entire plan of a reverse mortgage sounds great! Instead of you paying the lender, finally things are working in your favor: the lender is paying you! What better way could there be to retire, pay off your bills, and live the good life? The only question is, "When does the payoff come?"   Well, the good news is that you have quite a while before you will need to worry about paying back your reverse mortgage; in fact, you won’t really have to worry about it at all if you still own and are living in the house when you pass away.   Conditions No monthly payments are due on an outstanding reverse mortgage. No repayment is required until you stop occupying your home as your primary residence. There are several times when this would be the case: you sell the home, you permanently move out, or if you pass away (for couples, this would happen when the last remaining spouse passes away).   Stipulations Throughout your reverse mortgage, the one stipulation is that the amount owed never exceed the total value of your home. If your home is sold, the sales automatically go to paying off the amount still remaining on the reverse mortgage, and then any excess money will go either to you or your estate.   Make Your Family Aware Although you may not have to worry about paying back the reverse mortgage in your lifetime, do make any remaining family members aware that it exists and explain how it works to them. This will make it easier on your family to plan what needs to be done after you pass away.