With a reverse mortgage, the borrowed money must be repaid when the final borrower leaves the home. This means that the loan becomes due when you decide to sell the house, move out, or when you pass away. After these events, you or your heirs are given 6 months to repay the loan, and you can get a 6 month extension, so you have plenty of time to do so.
Also, remember you are always welcome to prepay the loan at any time, because there is absolutely NO prepayment penalty. In any of these situations, there are a few ways in which the loan can be repaid. You could pay it back from some other funded source. For example, you could use cash from your savings, an inheritance, friends or family members or maybe you won the lottery! That may be unlikely, so more common ways are to pay back the loan with the proceeds from the sale of your home, by getting another traditional mortgage on the house, or refinancing.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.