The very nature of a Reverse Mortgages 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.
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