A Reverse Mortgage is designed to last for the homeowner’s lifetime. In a regular forward loan, a rate is fixed for a particular term, like 15 or 30 years. The rate on a standard HECM (Reverse Mortgage) loan has no term other than the lifetime of the borrower. Because there are NO required payments, other than homeowners insurance and property taxes, the borrower has a lifetime right to occupy the home. Borrowers are protected against unforeseen or unanticipated future circumstances, rendering r