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NewRetirement User
51 year old
That's a great question. You can stay in the home as long as you live. Eventually the mortgage is due: upon the death of the last remaining resident, the voluntary sale of the home, or moving out of the home for 12 months or more. At that time the loan must be satisfied More information can be found at Big Reverse Mortgage - https://bigreversemortgage.com
Steve
NewRetirement
San Francisco, CA
The homeowner can stay in the home as long as desired and possible. Should you have to move into assisted living then the loan will come due after several months. However, if you can age in place - even with home care - then you can remain in your home for your lifetime and not have to worry about making loan payments (you do need to keep up on property taxes and insurance). This is perhaps the greatest benefit of getting a reverse mortgage.
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.
