Reverse mortgage loans offer borrowers an array of options for receiving cash.

1. Monthly payments (either for a fixed number of months or for as long as you live).
2. A lump sum cash payment.
3. A line of credit where the borrower decides how much cash they need and when they want to use it
4. Any combination of the above

While living in the home it is the duty to maintain and repair their home, keep it insured, and pay their property taxes. If at any point they fail to do those the loan can become due in full. As long as a homeowner fulfills those obligations they can never own more than the value of their home, even if they live an unexpectedly long time and have received payments worth more than the value of their home.