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What events can cause the loan to be called due/ When is the loan to be Paid Back?

With a Reverse Mortgage loan you will never have to make a mortgage repayments for as long as you live in your home. The borrower remains responsible for required payments include: Property taxes, homeowners insurance, and any maintenance costs. Also, complying with the loan terms is also required.

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:

Other circumstances that may cause the loan to become due include:

 

Disclaimer: “These materials are not from HUD or FHA and were not approved by HUD or a government agency.” (ML 2014-10).

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