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Frequently Asked Questions
Q: When must a reverse mortgage loan be repaid?
A. The lender must be repaid when the last borrower passes away, sells the home, fails to live in the house for twelve consecutive months (including time spent in a nursing home), fails to pay property taxes or insurance, or lets the property fall into disrepair beyond normal wear and tear. When the loan becomes due, the reverse mortgage principal advanced, interest charges, and service fees are paid in full from the sale of the house or other assets of the estate. Whatever is left over from the sale of the home goes to the owner or estate.
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