How Can You Receive Your Payments for a Reverse Mortgage?
A Genworth Reverse Mortgage allows you to choose how you receive your payments. The most popular is to establish a line of credit to use when you need it. You can also choose a single lump sum, regular monthly installments or any combination of these options.
When Is It Paid Back?
With a Sun Valley Reverse Mortgage you will never have to make Reverse Mortgage repayments for as long as you live in your home. There are some circumstances that will cause the loan to mature and the balance to become due and payable.
Here are some of the most common reasons:
- The last remaining titleholder sells the home
- The last remaining titleholder passes away
- The titleholder(s) fails to live in the home for more than 12 consecutive months
Other circumstances that may cause the loan to become due include:
- You transfer the title to another person or entity
- You fail to pay property taxes
- You do not maintain and/or repair the home
- You do not to keep the home insured
If you want a lender that specializes in Reverse Mortgage loans, the Benjamin Gerritsen team is thereverse mortgage lender to go to.
He knows the reverse mortgage market better than most other bankers and loan officers in Utah.
