What is the definition of a Reverse Mortgage?
This is also known as a Home Equity Conversion Mortgage. If a house/ property is owned outright, it is possible to borrow using the house as equity against the loan. It does not require any repayments on the life of the loan, although voluntary repayments can be made if wished to. The loan has to be repaid when the house is sold or the last surviving borrower passes away.