What about repaying Reverse Mortgage?

The very nature of a reverse mortgage can be confusing. With a reverse mortgage, lenders provide loan funds as a line of credit or as a combination of a line of credit and monthly installments. The following lists provide information regarding repayment of a reverse mortgage.

A reverse mortgage comes due when under the following conditions:

When the reverse mortgage becomes due there are two options for paying it off.

  1. Proceeds from the sale of the home
  2. The heirs of the homeowner can refinance the loan

Like all loans a reverse mortgage does carry conditions in order to remain valid. Below is a list of reasons for which a borrower would find themselves in default.

Repaying a Reverse Mortgage

To apply for your reverse mortgage click here.

 

DISCLAIMER:  These materials are not from HUD or FHA and were not approved by HUD or a government agency.