Repayment Options for Reverse Mortgages
Understanding how to repay a reverse mortgage is essential for both borrowers and their heirs. The loan becomes due when the borrower moves out permanently, sells the home, or passes away. Fortunately, there are several repayment options to consider:
- Sell the home and use the proceeds to repay the loan.
- Pay off the loan using other funds and keep the home.
- Allow the lender to sell the home if the loan balance exceeds the property’s value (thanks to non-recourse clauses).
Case Study:
Nancy’s children wanted to keep her home after she passed away. With guidance from Evoque Lending Reverse, they refinanced the loan and successfully retained the family property.
It benefits you to be well-informed. Should you have any further questions or need clarification, our seasoned licensed reverse mortgage specialists are available to go over any details you like.
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