Which type of mortgage does not require monthly payments?

A reverse mortgage is specifically designed for homeowners, typically older adults, who wish to convert part of their home equity into cash without the need for monthly mortgage payments. Instead of making monthly payments to the lender, the loan balance increases over time and is repaid only when the borrower sells the home, moves out, or passes away. The reverse mortgage allows homeowners to access funds for various needs, such as healthcare or daily expenses, while still living in their homes.

This unique structure is what sets reverse mortgages apart from other types of mortgages like fixed-rate, adjustable-rate, or interest-only mortgages, all of which involve regular payments and differ in their repayment structures and interest accrual.