My dad is 60 years old, he wants to retire in 2 years at age 62. He bought a $200k home couple of years ago, if he applies for Reverse Mortgage, does he have to make payments on his property?

It will depend on the amount of equity he has in the home, if he would qualify for a reverse. The reverse lender will either make a lump sum payment in cash, and there is no payment to the bank, or they will give installments or payments to you each month, kind of like a line of credit. Contact a reverse mortgage lender to see if your dad would qualify for the reverse.

Your Dad will have to wait until he reaches 62 before he can qualify for a reverse mortgage , once he is 62 then can get a loan for approximately 60 % of what the value of his home is. There are no payments if he qualifies.