Pay Off Reverse Mortgage

Hi Bspi,

Welcome to MortgageFit Forums.

May I know what sort of problem are you facing with your reverse mortgage? As you need not make any payments during your life time on the mortgage so it's surprising to me why you want to cancel it.

For paying off the mortgage you may have to pay the amount of money borrowed and the interest accumulated on it to the lender.

You should consult your lender and explain your situation so that he suggests you the way to pay it off and close the mortgage.

God bless you.

For MortgageFit,
Samantha

Hi,

I don't think there will be any prepayment penalty on the reverse mortgage. You can pay off the loan at any point of time with no additional costs although the loan is not due until you move out of your home permanently.

Talk to your lender on the way to repay it.

Thanks,
Ken

Is there any time period to cancel the loan after closing? Do I need any specific reason to show for that?

Hi,

After the loan closes you can cancel the reverse mortgage within three days for any reason whatsoever.

You can get more information on reverse mortgage and its payment mode here.

God bless you.

For MortgageFit,
Samantha

A elderly friend of mine has a reverse mortgage. His wife has passed away and now he needs to be in a retirement center. How does he get out of his mortgage?

>>How does he get out of his mortgage?

Sell his house and pay the Lender the amount owed - it works exactly the same way as if he had the typical conforming mortgage you're used to.