The very nature of a Reverse Mortgage may be confusing. With a Reverse Mortgage, the lender will 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:
What are some important questions to consider with a Reverse Mortgage? Click the following link for our next topic: 3 Reverse Mortgage Loan Questions To Consider.
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