How does a reverse mortgage work?

A reverse mortgage is a sort of home equity loan for adults 62 and older, made to help them be more financially secure in retirement when many have a fixed income. The sum of money available to a borrower is determined by the house's value, how much the borrower owes on the mortgage and other home loans along with the debtor's age,'' said Peter Bell, president of the National Reverse Mortgage Lenders Association.

The older a borrower is, the more cash he or she will have the ability to draw the loan. The loan amount is calculated depending on the time of the youngest spouse residing in the house.

Borrowers can opt to receive their payment for a lump sum, a monthly payment or a credit line.

The borrower will not have to make any payments as long as he or she -- or his or her partner -- still lives in the house. However, if the borrower and partner go from the home or pass off, that payment becomes due.

In case the borrower or heirs sell the home, the profits of the sale first go toward paying off the loan. If the residence is worth significantly less than is owed on the loan, all cash from the sale goes to the loan, and it's considered paid.

While there have been numerous news reports during the last few years of one partner being evicted after the other one -- that had been the only one listed on the reverse mortgage passed off, Bell said new rules for reverse mortgages which took effect in 2014 better protect nonborrowing spouses and allow them to remain in the house.

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