A Home Equity Conversion Mortgage, also known as the HECM reverse mortgage, is a loan that functions as a federally - insured cash advance on a borrower's home equity, and, while there are other maturity events as well, it is repaid when the last borrower or eligible non-borrowing spouse leaves the home. (americanadvisorsgroup.com)
The reverse mortgage becomes due once the last borrower passes away or no longer occupies the home. (reverse.org)
The loan is repaid when you sell your home, move to another primary residence, or when the last borrower leaves the home. (americanadvisorsgroup.com)