In certain situations, a non-borrowing spouse may be able to remain in the home. When the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence, the loan has to be repaid. The money you get usually is not taxable, and it generally won’t affect your Social Security or Medicare benefits. Instead of paying monthly mortgage payments, though, you get an advance on part of your home equity. If you get a reverse mortgage of any kind, you get a loan in which you borrow against the equity in your home. There are three kinds of reverse mortgages: single purpose reverse mortgages – offered by some state and local government agencies, as well as non-profits proprietary reverse mortgages – private loans and federally-insured reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs). Sometimes that means selling the home to get money to repay the loan. When you die, sell your home, or move out, you, your spouse, or your estate would repay the loan. Generally, you don’t have to pay back the money for as long as you live in your home. Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. In a reverse mortgage, you get a loan in which the lender pays you. When you have a regular mortgage, you pay the lender every month to buy your home over time. Be Wary of Sales Pitches for a Reverse Mortgage.Identity Theft and Online Security Show/hide Identity Theft and Online Security menu items.Unwanted Calls, Emails, and Texts Show/hide Unwanted Calls, Emails, and Texts menu items.Money-Making Opportunities and Investments.Jobs and Making Money Show/hide Jobs and Making Money menu items.Credit, Loans, and Debt Show/hide Credit, Loans, and Debt menu items.Shopping and Donating Show/hide Shopping and Donating menu items.

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