Understanding how a reverse mortgage works — including how long it lasts, when it’s repaid, and what to expect over time.
When people take out a traditional mortgage, it comes with a fixed term: 10, 15, or 30 years. Naturally, one of the most common questions is:
How long does a reverse mortgage last?
The short answer: it depends on you.
Unlike traditional mortgages, reverse mortgages have no set term length. As long as you meet your loan responsibilities, such as paying property taxes, homeowners insurance, and home maintenance, the loan doesn’t have to be repaid until you permanently leave the home — typically when you sell, relocate, or pass away. That flexibility is a big part of what makes reverse mortgage loans such a valuable tool in retirement financial planning.
So the exact number of years a reverse mortgage lasts varies by individual. According to the Centers for Disease Control (CDC), average U.S. life expectancy is approximately 79 years — around 81 for women and 76 for men.1 As a practical example: if you took out a reverse mortgage at age 62 and remained in your home long-term, you could benefit from the loan for roughly 15–25 years.
How do you repay a reverse mortgage?
There are no monthly mortgage payments required with a reverse mortgage.2 With that said, if you wish to make voluntary payments to reduce your loan balance, you are free to do so — but it is not a requirement.
In most cases, the loan is repaid by selling the home. Proceeds cover the outstanding loan balance, and any remaining funds pass to your heirs. It’s also worth noting that a reverse mortgage is a “non-recourse” loan, meaning neither you nor your heirs will ever owe more than the home’s value at the time of sale — even if the loan balance exceeds it.
What if my heirs want to keep the home?
If your family wants to retain the property rather than sell it, they can arrange to pay off the loan themselves. Keep in mind that in some scenarios, the full loan balance may need to be repaid — even if it’s greater than the home’s current market value.
What happens to my spouse after I pass away or move to a nursing home?
If your spouse is listed as a co-borrower on the loan, they can continue living in the home and receiving loan benefits.2 The loan will not come due in that situation.
For those not listed as co-borrowers, a reverse mortgage protection established in 2014 allows eligible non-borrowing spouses to remain in the home, provided they continue to meet the loan obligations.2 During this period, they do not have to repay the loan but cannot access more proceeds.
Who qualifies for a reverse mortgage?
While some qualifications can vary depending on the reverse mortgage product, basic requirements generally include:
- Age: For a Home Equity Conversion Mortgage (HECM) – the most common kind of reverse mortgage — you must be 62 or older. However, proprietary reverse mortgages, like Platinum by Longbridge, often have slightly lower minimum age requirements.
- Homeownership: The home must be owned by you and serve as your primary residence.
- Home equity: You’ll generally need at least 50% equity in your home’s appraised value.
- Ongoing obligations: As with any mortgage, you must be able to continue paying property taxes, homeowners insurance, and home maintenance costs.
Can you get a reverse mortgage if you have an existing mortgage?
Yes! Your home doesn’t need to be fully paid off — reverse mortgage proceeds are first applied to retire any remaining mortgage balance.
Does the bank own your home if you get a reverse mortgage?
No. This is one of the most persistent reverse mortgage myths. You retain full ownership of your home and your name stays on the title for the life of the loan.2
The Bottom Line
A reverse mortgage doesn’t come with a ticking clock like a traditional loan. Instead, it’s designed to work around your life — allowing you to stay in your home while accessing a portion of your equity.2
Reverse mortgages aren’t right for everyone, and at Longbridge Financial, we’re upfront about that. We take the time to understand your unique situation and present you with options so that you can make an informed decision.
Want to learn more?
Find out how much you may be eligible to receive. Get your free, personalized reverse mortgage estimate from Longbridge — no commitment required. Get a free quote using our online calculator or call us at 855-523-4326.