Masts In The SunDid you know that in our country someone turn age 50 every 76 seconds? We are living in a rapidly ageing population, so thank goodness the Department of Housing and Urban Development insures the Reverse Mortgage. It was created to assist seniors live out their golden years in comfort without fear of losing their homes. Seniors aged 62 and older who qualify for the Reverse Mortgage may either buy or refinance an existing home. Participants may choose between receiving non-taxable monthly income, a lump sum payment or making no payments at all. Insurance, real property taxes and association fees must be paid and users must certify each year that they are the principal residents of the home. The home may be sold or refinanced at any time. Heirs will be given the option to refinance or sell the home. If the home is sold, the Reverse Mortgage balance will be paid off first and the remaining balance will be distributed however the late owners have designated.