No, you do not. Under the terms & conditions of a Reverse Mortgage, the lender will not ask that you pay monthly loan repayments. They still charge you interest every month, but the interest charges are added into your loan balance every month.
However, these days, some lenders will allow you to make bulk loan repayments, or 'principal reductions' if you want to. If you suddenly come into money (e.g. inheritance, lottery win, etc), it is fine to pay this onto your Reverse Mortgage loan. Check with the lender first.
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Planwise AU Pty Ltd trading as UNO Home Loans ABN 81609882804 Australian Credit Licence Number 483595. UNO values your privacy and last updated our Privacy Policy on 29 January 2020. L17, 123 Pitt Street, Sydney NSW 2000
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