In which type of mortgage does the borrower typically not make payments until later?

A reverse mortgage is designed specifically for homeowners, typically older adults, allowing them to convert a portion of their home equity into cash. In this type of mortgage, the borrower does not make monthly payments; instead, the loan is repaid when the borrower moves out of the home, sells it, or passes away. This structure provides financial flexibility for borrowers who may need cash for expenses while remaining in their homes.

By contrast, options like an interest-only loan require the borrower to make interest payments for a certain period before they start paying down the principal. A straight-line principal reduction loan involves repaying a fixed amount of the principal, which means payments begin immediately, and a first mortgage entails standard monthly payments from the outset.