As far as your living situation, the main restrictions of a reverse mortgage are: You must continue living in your current home. You can not rent it out and move somewhere else, for instance. You must keep the home in good shape, so as not to decrease its market value. You must continue to pay taxes and home insurance on time. You must pay off your existing mortgage or secured loans to obtain the reverse mortgage. But you can use money from the reverse mortgage to do so. There can be other details and rules to follow in your reverse mortgage contract, which a mortgage broker can go over with you. After you pass away or move, the rules of a reverse mortgage can depend on a few factors. However, generally they are: You must pay a prepayment penalty if you sell your home to repay the loan before you pass away. You must repay the loan within a year of moving into an assisted living facility. Your estate must repay the loan within 180 days of your passing. If your spouse is on the title of the home, and outlives you, they will be able to remain in the home under the same conditions as above. They will not be forced to move or sell the property before they pass away. Just remember that your home equity will be tied to the interest you accumulate on your loan. It will all need to be repaid, eventually. That said, almost all borrowers of a CHIP reverse mortgage have leftover equity in their home by the time they pay back their loan.