Reverse Mortgage Term Lengths: The Basics
We have been conditioned to think of mortgage loans lasting for specific periods of time. For instance, chances are good that your first home loan was a 30-year, fixed rate mortgage. It had a defined lifespan, called a term. 15-year mortgages are also common.
However, reverse mortgages are different. They have no defined term, which means they have no defined lifespan. What this means is that the loan will continue to go on until the last surviving spouse dies, moves out of the house permanently, or sells the home. During that time, you are not liable for any payments.