The Normal Term of a Reverse Mortgage in Years

by Fraser Sherman
If you're over 62, you may qualify for a reverse mortgage.

A reverse mortgage can make a senior homeowner more comfortable in retirement by letting her borrow against the value of her house. When you take out a regular mortgage, it runs for a set number of years, but there's no fixed term for a reverse mortgage. The length of time before it ends depends entirely on the circumstances.

Time Limits

There's no normal term for a reverse mortgage. The loan doesn't come due until you die, move out of the home permanently or sell the property. You only have to be 62 to take out such a loan, so it could be years before your reverse mortgage expires. When it does, you -- or your heirs -- pay the loan back, which often requires selling the house. The longer it takes before the term ends, the more interest accrues on the loan.

About the Author

A graduate of Oberlin College, Fraser Sherman began writing in 1981. Since then he's researched and written newspaper and magazine stories on city government, court cases, business, real estate and finance, the uses of new technologies and film history. Sherman has worked for more than a decade as a newspaper reporter, and his magazine articles have been published in "Newsweek," "Air & Space," "Backpacker" and "Boys' Life." Sherman is also the author of three film reference books, with a fourth currently under way.

Photo Credits

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