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

  • 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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As a mortgage broker in Utah, we work with several mortgage lenders, enabling us to offer you a variety of Utah mortgages and refinance home loans at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more home loan options to help you achieve your goals. Whether you're buying a home or refinancing, Advanced Funding is here to help. Our mortgage loan officers are available to help you during regular business hours or a time that is more suitable to your needs. Call today for more information, 801-272-0600.

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