Loan Term Defined
In the world of home mortgages, the word “term” indicates the life of a loan, or how long it lasts. Common loan terms are 30 years and 15 years. However, reverse mortgages do not have terms. They last for as long as the homeowners remain in the home and come due and payable only after you leave the home, sell the home, or pass away. However, they can also come due if the lender forecloses because you failed to insure the home, pay the property taxes, or maintain the home properly.