The full form of RML is Reverse Mortgage Loan

A reverse mortgage is a specialized loan that is available to homeowners that are 62 years or older. It allows them to convert part of the equity in their homes into cash. The loan is called a reverse mortgage because the lender makes payments to the borrower instead of making monthly payments to a lender, as with a traditional mortgage.

The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home, he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance, and homeowners association dues (if applicable).

The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction how reverse mortgage proceeds can be used. Whether it’s to supplement retirement income to cover daily living expenses, repair or modify your home (i.e., widening halls or installing a ramp), pay for health care, pay off existing debts, cover property taxes, or prevent foreclosure, there are no restrictions.