August 1st, 2016 | Reverse Mortgage
The very nature of a reverse mortgage loan can be confusing. With a reverse mortgage loan, 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 loan.
A reverse mortgage loan comes due when 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. Below is a list of reasons for which a borrower would find themselves in default.
To apply for your reverse mortgage loan click here.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.