The very nature of a reverse mortgage can be confusing. With a reverse mortgage 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.
A reverse mortgage comes due when under the following conditions:
When the reverse mortgage becomes due there are two options for paying it off.
Like all loans a reverse mortgage does carry conditions in order to remain valid. Below is a list of a few reasons for which a borrower would find themselves in default.
To apply for your reverse mortgage click here.
These materials are not from HUD of FHA or not approved by HUD or a government agency (HUD Mortgagee Letter 2014-10)