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Avoiding Costly Mistakes
Your Right to Cancel:
With most reverse mortgages (other than the HECM for purchase), you have at least three business days after closing to cancel the deal for any reason, without penalty. This is established by federal law. To cancel, you must notify the lender in writing. Send your letter by fax or certified mail, and ask for a return receipt. This is an important thing to remember, if for any reason, you have second thoughts that a reverse mortgage is not the right choice, or if you have concerns about the lender, the terms, or the fees. However, you should discuss this with your lender before sending the notice. If you send the notice, and then change your mind and decide to continue, some lenders may require you to start all over again.
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