Repaying a Reverse Mortgage

Repaying a REVERSE MORTGAGE
 

The very nature of a reverse mortgage can be confusing. With a reverse mortgage lenders pay you either monthly or with a lump sum. The following list provides information regarding repayment of a reverse mortgage.

A reverse mortgage comes due when one of the following occurs:

  • Death of the homeowner
  • Upon the sale of the home by the homeowner
  • When the homeowner lives elsewhere for 12 consecutive months (i.e. assisted living home)
  • There are circumstances where a non-borrowing spouse is able to remain in the home upon the death of the homeowner

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

  • Proceeds from the sale of the home
  • 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:

  • Failure to pay property taxes
  • Failure to keep the home in good repair
  • Failure to insure the home
  • New debt on the home
  • Bankruptcy
  • Abandonment or donation of the home
  • Eminent domain

To apply for your reverse mortgage click here. Advanced Funding, your Utah mortgage broker, is here to help.
 

 

Get a Reverse Quote

 

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