A HECM reverse mortgage is a type of mortgage loan that is insured by the FHA (Federal Housing Administration) and is available only to homeowners aged 62 or older. It is different from all other types of mortgages because no payments are required and the loan does not become due for as long as the homeowner lives in the property, maintains it and pays the property taxes and insurance.
What are my responsibilities with a reverse mortgage?
Pay your property taxes and homeowners insurance
Keep the house up to date with all the necessary repairs.