A reverse mortgage is a type of loan that allows homeowners, typically aged 62 or older, to borrow against the equity in their home without having to make monthly mortgage payments. The loan is repaid when the borrower moves out of the home or passes away.

Borrowers have the right to remain in their home as long as they meet the loan requirements, maintain the property, and pay property taxes and insurance. They also have the right to receive counseling from a HUD-approved counselor before obtaining a reverse mortgage.

Borrowers are responsible for keeping up with property taxes, insurance, and maintenance of the home. They are also required to continue living in the home as their primary residence and to repay the loan when they no longer meet the loan requirements.

Lenders have the right to collect payments, fees, and interest on the loan. They also have the right to foreclose on the property if the borrower fails to meet the loan requirements or defaults on the loan.

Lenders are responsible for providing accurate information about the terms and costs of the reverse mortgage. They are also required to follow all federal and state laws governing reverse mortgages and to work with borrowers to resolve any issues that may arise during the life of the loan.