The very nature of a Reverse Mortgage may 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. These lists provide information regarding repayment of a Reverse Mortgage.
A Reverse Mortgage comes due under the following conditions:
When the Reverse Mortgage loan becomes due there are two options for paying it off.
Like all loans a Reverse Mortgage loan does carry conditions in order to remain valid. Reasons a borrower may find themselves in default include:
To continue learning more information on important questions to consider with a Reverse Mortgage, click the following link for our next topic: 3 Reverse Mortgage Loan Questions To Consider.
Online Reverse Mortgage 'calculator tools' can be misleading or completely inaccurate, our Reverse Mortgage QuickQuote is a great place to begin. With no credit inquiry and provided without obligation, you'll receive the most recent rates and tables illustrated to properly calculate all available options for you. We'll also include a few short educational Reverse Mortgage videos to help with your knowledge.