The loan does not have to be paid back until the borrower dies, sells the home, or moves out of the home permanently.

You will continue to pay property taxes, homeowner's insurance, and maintain the home.

The loan amount is based on the value of the home, the age of the borrower(s), and interest rates.

You will never owe more than the value of the home.

You can choose to receive the loan proceeds in a lump sum, as a line of credit, or in monthly payments.

You will be required to meet with a HUD-approved counselor before applying for a reverse mortgage.

Reverse mortgages have upfront costs, including origination fees, closing costs, and mortgage insurance.

Interest on the loan will be added to the loan balance over time and will increase the amount that must be repaid.