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A reverse mortgage is a loan that converts your home’s equity into cash without the burden of a monthly payment. The most common type of reverse mortgage is a Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA).
The loan becomes due and payable if the borrower passes, sells the home, moves out permanently, or fails to meet the terms of the loan. When one of these occurs, there are three main options available: