Final Answer:
Borrowers do not have to repay the loan as long as they continue to live in the house is a characteristic of a reverse mortgage.
Step-by-step explanation:
The statement aligns with the nature of a reverse mortgage, a financial arrangement typically designed for older homeowners. In a reverse mortgage, borrowers, who are usually seniors, can receive funds based on the equity in their homes. Importantly, repayment is not required as long as the borrowers continue to reside in the house.
This financial product allows homeowners to tap into their home equity without immediate repayment obligations, providing a source of income for those in retirement. The repayment typically becomes due when the borrower sells the home, moves out, or passes away.