This implies you can't wind up owing the loan specialist more than your house is worth. In the event that you went into a reverse mortgage before 18 September. Where the property offers for more than the sum owed to the loan specialist, the borrower or his home will get the additional assets. Borrowers by and large should be no less than 62 years old and the home must be their main living place second homes and speculation properties don't qualify. At the point when the reverse mortgage contract closes and the borrower's house is sold, the loan specialist will get the returns of the deal and the borrower can't be held obligated for any obligation in overabundance of this aside from in specific conditions, for example, extortion or distortion.