Essentially a reverse mortgage is a type of annuity. The bank takes you age and plugs it into a formula. They then essentially bet with you on how long you should live. If you die when they say, they break even (minus what they take for writing the reverse mortgage). If you die before they profit. If you die after you profit. In the end they get the house. As for how an individual plan would work that is where the fine print comes into play. If you really want to learn more find a financial planner to discuss the options.
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