1. No payments are necessary as long as the house is your principal residence.
2. No need to repay the loan as long as you or one of the borrowers continues to live in the house.
3. You can never owe more than the value of your home at the time you or your heirs sell the home.
4. When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and fees.
5. The rest is yours.
62 or Over and Flush You can buy a home using a reverse mortgage.
You can purchase a principal residence without a mortgage payment using a Federally Insured Purchase Reverse Mortgage.
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