But applying for and obtaining a loan is not all a bed of roses… there are potential pitfalls and disadvantages that you must be aware… This is Generational Theft pure and simple. The banks know that no one will be able to save this house, they are taking the only thing of value most Americans will be able to pass to their heirs and they are taking it at a huge discount. A. Tenure Monthly Payout -to age 99- $8,915 annual or$743 monthly reverse mortgages Future Debt A reverse home mortgage loan allows you to release a portion of the equity in your house into cash. To the homeowner’s discretion, the cash can be disbursed in one lump sum, in multiple payments or as a line of credit. While the reverse mortgage is active, the homeowner will make no payments on their home mortgage. Again, this type of loan is only offered to seniors 62 and older. The above is just an outline of what you can expect to pay a reverse mortgage lenders. However, charges do vary from lender to lender, program to program, so be sure to ask the lender to give you the exact costs. If you don’t understand what you’re being told, you should seek advice from an independent financial advisor.