When do I have to pay back the loan?

Unlike a traditional mortgage, there are no monthly mortgage payments to make. The reverse mortgage becomes due when you or the last borrower 1) dies, 2) sells the house or moves to a new residence, or 3) does not live in the home for 12 consecutive months. In the case where there are multiple co-borrowers, and one person dies, changes residence, or leaves the home, the other borrower(s) can continue to live in and own the home.The property used as collateral for the reverse mortgage must be the primary residence. Vacation homes and investor properties do not qualify. You must remain current on your real estate taxes, homeowners insurance, and other mandatory obligations, including condominium fees, or you are susceptible to default.You are responsible for completing mandatory repairs and maintaining the condition of the property. (Please note: if you default, you may be foreclosed upon or you may be required to repay the loan).