Personal » Additional Resources » Reverse Mortgage FAQs

When will the Reverse Mortgage become due for payment and what will be owed?

The mortgage becomes due for payment when the last borrower permanently leaves the home or dies. The principal, interest and any fees (e.g. closing costs) will be owed on the Reverse Mortgage. The heir can either sell the home to pay off the mortgage or use another source of income to make monthly payments. No one will ever owe more than what the home is worth at the time it’s sold.

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