When you decide to get a reverse mortgage, you no longer make monthly mortgage payments. The bank pays YOU instead. You can get this money in a few ways – monthly payments, a lump sum or a line of credit. Your choice.
An adjustable-rate mortgage is also called an ARM; it is a popular type of mortgage with an introductory interest rate that will last for a specific period of time before resetting, or adjusting, at intervals for the remainder of the loan.