When you take out a reverse mortgage, the lender will give you access to the funds without sending you an immediate bill.
The interest cost is added to the loan balance each month, and this continues until it is time to repay the loan.
Usually, repayment happens within one year of when you move out of the property or when you die; however, in some cases, it may be longer depending on your individual circumstances and insurance coverage provided by FHA insurance companies (for 90% of loans).
To repay the total loan balance or 95% of the appraised value (whichever is less), heirs need to understand their options; they can either keep their home and pay off all outstanding debt or sell it at market value with no further obligations attached.