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In simple words if you define reverse mortgage then it is a type of simple loan, which people take for the quality and improvement of home and there is no need of monthly payment of mortgage.   In simple words if you define reverse mortgage then it is a type of simple loan, which people take for the quality and improvement of home and there is no need of monthly payment of mortgage. Payment of interest of this home loan remain defer until last owner of home passes away or he/she leave the home and move out of it. Therefore, you can think that this loan is equity home loan. One of the simplest reverse mortgages is "Home Equity Conversion Mortgage (HECM)." In 1989, the Federal Housing Administration created this loan under the supervision ofthe Department of HUD. Since 1989 hundreds of thousands people from the United States of America have taken this home equity loan which is unique and give many advantages to lender.  reverse mortgage calculation * Tenure - Equal month-to-month funds so long as a minimum of one borrower lives and continues to occupy the property as a primary residence.