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.
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
Failure to pay property taxes
Failure to keep the home in good repair
Failure to insure the home
New debt on the home
Abandonment or donation of the home
To apply for your reverse mortgage click here. Advanced Funding, your Utah mortgage broker, is here to help.
*HUD Mortgagee Letter 2014-10 - This material is not from HUD or FHA and has not been approved by HUD or any government agency.