What about repaying Reverse Mortgage?

The very nature of a reverse mortgage can be confusing. With a reverse mortgage lenders pay you either monthly or with one lump sum. The following lists provide information regarding repayment of a reverse mortgage.

A reverse mortgage comes due when under the following conditions:

  • Death of the homeowner
  • Upon sale of the home by the homeowner
  • If the homeowner lives elsewhere for 12 consecutive months (i.e. assisted living home)
  • Upon one of the instances of default listed below.

When the reverse mortgage becomes due there are two options for paying it off.

  1. Proceeds from the sale of the home
  2. The heirs of the homeowner can refinance the loan

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.

Repaying a Reverse Mortgage

  • Failure to pay property taxes
  • Failure to keep the home in good repair
  • Failure to insure the home
  • Taking of new debt on the home
  • Bankruptcy
  • Abandonment or donation of the home
  • Eminent domain

To apply for your reverse mortgage click here.

Northwest Mortgage Advisors

Jim Kreminski

Mortgage Direct Lender, Br. Mgr.and Advisor
541/526-7210 (OR) office-cell
619/823-8171 (CA) office-cell
800/793-7331 (EFAX)
411 SW 9th st. Suite 204
Redmond, OR 97756
Redmon City Hall Building

jkreminski@gmail.com or jkreminski@gemcorp.com

Top 100 Mortgage Companies

 NMLS#348261 OR#ML-2427 

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