A loan program that requires the borrower to pay taxes and insurance only, receiving payments instead of making payments is known as what?

A loan program that allows the borrower to receive payments rather than making them, and specifically requires only the payment of taxes and insurance, is known as a reverse mortgage. This type of mortgage is designed primarily for older homeowners, typically age 62 and over, allowing them to convert part of the equity in their home into cash without having to sell their home or make monthly mortgage payments. The loan amount is repaid when the borrower dies, moves out of the home, or sells the home.

In this scenario, the borrower retains ownership of the home and is responsible for maintaining it as well as paying property taxes and homeowners insurance, which is a requirement to avoid the risk of foreclosure. This unique structure of the reverse mortgage sets it apart from other types of loans listed, as conventional mortgages and FHA loans generally require the borrower to make regular monthly payments, while a home equity line of credit typically involves drawing from a revolving credit line but does not fit the described characteristics of receiving payments instead of making payments.