Which of the following is NOT a typical characteristic of a Reverse Mortgage?

A reverse mortgage is designed specifically to provide seniors with access to the equity in their homes while allowing them to continue living there without the burden of monthly mortgage payments. One of the defining features of a reverse mortgage is that the loan does not require repayment during the borrower's lifetime, as long as they continue to live in the home, maintain it, and pay property taxes and homeowners insurance.

As such, the assertion that repayment occurs during the borrower's lifetime is not a characteristic of a reverse mortgage. Instead, the loan becomes due when the borrower passes away, sells the home, or moves out of the home.

The other choices accurately describe characteristics of a reverse mortgage. For instance, reverse mortgages are specifically available to seniors, typically aged 62 or older. They also allow homeowners to convert their home equity into cash without the obligation of monthly payments, and the payout can be received in various forms, including monthly payments to the borrower if desired.