The very nature of a Reverse Mortgage can be confusing. A Reverse Mortgage is effectively the opposite of a traditional mortgage as it pertains to money flow. With a Reverse Mortgage, a lender will pay you either in the form of a monthly annuity, one lump sum up front at closing, or with an available credit line. The following lists provide information regarding repayment of a Reverse Mortgage.
A Reverse Mortgage comes due under the following conditions:
When a Reverse Mortgage becomes due there are two options for paying it off.
Like all mortgage loans, a Reverse Mortgage does carry some basic 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 click here. Full service provided by Jefferson Mortgage Group LLC specializing in government insured HECM Reverse Mortgages serving the states of Virginia, Maryland and Pennsylvania.