When Does the Bank Finally Get Paid on my Reverse Mortgage?

The lender will eventually get repaid (loan amount + interest + fees) when 1 of 3 events occur. Firstly, if you ever sell your home, the lender will get paid directly from the sale proceeds. Secondly, if you ever move into full-time healthcare / nursing home / hospice care, etc, the lender will ask you to pay out the loan within about 12 months. Thirdly, if you die the lender will ask your estate (through your executor) to repay the loan balance (again, within a reasonable time-frame).