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Reverse
Mortgage - Reverse
Mortgage FAQs - Paying Back
Paying Back Reverse Mortgages
Reverse mortgages must be repaid in full when all parties
on the deed, either dies, sells their home, or permanently
moves to another primary residence. Lenders also may
make the loan due if the borrower fails to stay current
on their taxes and insurance or allows the property's
condition to deteriorate. If the borrower fails to live
in the home for at least 83 days in any given
year, the borrower is considered to have vacated the
home and is not claiming it as their primary residence.
Once the loan is due, the borrowers or their heirs can
decide whether or not they want to pay off the balance
of the Reverse Mortgage or retain ownership of the property.
It is important to note that the borrower and the heirs
will not be required to pay more than the value of the
home after the mortgage matures. A Reverse Mortgage
is a non-recourse loan (No Personal Liability Beyond
The Value Of The Home).
Give one of AAXA's Reverse Mortgage Specialists a call today at 877-728-3569
for a no obligation consultation.
**If a joint borrower dies, the surviving spouse
will NOT have to terminate the loan.
Other Popular Reverse Mortgage Questions:
What are
some basic qualification parameters?
How much cash
can I get and how do I get paid?
What happens to
my debt and what is the maximum I can owe?
Will
there be anything left for the borrower or their heirs once the property is
sold or the borrower no longer uses the home as their primary residence?
What are some of
the costs associated with reverse mortgages?
Will
receiving payments affect one's Social Security, Medicaid,
or Medicare benefits?
Who
owns the property, the lender or the borrower?
Is it possible
to refinance a reverse mortgage if a better opportunity becomes available?
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