What about repaying a Reverse Mortgage Loan?

The very nature of a reverse mortgage loan can be confusing. With a reverse mortgage loan, lenders pay you either in monthly installments, with one lump sum, 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 loan.

A reverse mortgage loan comes due when under the following conditions:

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

To apply for your reverse mortgage loan click here.

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