Borrowers can defer repayment of the loan until they sell the home, move outside the home for more than 12 months, pass away, or do not comply with the loan terms.
Although borrowers have no monthly mortgage payments, they are responsible for! 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 reasons for which a borrower would find themselves in default.
To apply for your reverse mortgage click here.