A reverse mortgage can make a senior homeowner more comfortable in retirement by letting her borrow against the value of her house. When you take out a regular mortgage, it runs for a set number of years, but there's no fixed term for a reverse mortgage. The length of time before it ends depends entirely on the circumstances.
There's no normal term for a reverse mortgage. The loan doesn't come due until you die, move out of the home permanently or sell the property. You only have to be 62 to take out such a loan, so it could be years before your reverse mortgage expires. When it does, you -- or your heirs -- pay the loan back, which often requires selling the house. The longer it takes before the term ends, the more interest accrues on the loan.
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