[Smartass]

mortgage? Looks like, what I read tells me, the lender pays the homeowner roughly up to 65% of the home's value, or up to $625,000What is the benefit for the lender to put up such cash? Do they collect the house when the borrower dies? Or at any point? What must a borrow "violate" or "do wrong" for the lender to "win" (in comparison to traditional mortgages, where a person stops making payments and the lender collects his house). What does reverse mortgage mean to a person's heirs? Can they inherit the house? Or can the lump sum be inherited (and if they do, does the house go to the lender?)?So is a typical reverse mortgage something like this?a) Old Joe has a house worth $200,000b) reverse mortgage lender offers him $130,000c) when he dies, his heirs either allow the lender to have the house or pay back the $130,000 which their father took.d) I'm not sure where the "interest" comes in? What does the borrow have to pay? Does he start making payments back to the lender the first month he gets his lump sum of $130,000 ?