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Unlike a home equity line, a Reverse Mortgage does not require you to make monthly payments. You will NEVER have to make a monthly payment with a Reverse Mortgage.
As long as you or your spouse live in the home you do not have to pay back the loan. Your Reverse Mortgage must be repaid once both of you no longer live in the house.
The amount you owe on a Reverse Mortgage generally grows over time. Interest is charged on the outstanding balance and is added to the amount you owe. This means your total debt increases over time as loan funds are advanced to you and as interest accrues on the loan. However, the outstanding balance to you will never be more than the value of your home.
