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What about repaying Reverse Mortgage?

More information about reverse mortgages:

Intro to Reverse
Are they Safe?
Reverse Calculator
Questions to Consider
Costs of Reverse
Steps to Going Reverse

The very nature of a reverse mortgage can be confusing. With a reverse mortgage lenders pay you either monthly or with one lump sum. The following lists provide information regarding repayment of a reverse mortgage.

A reverse mortgage comes due when under the following conditions:

Death of the homeowner
Upon sale of the home by the homeowner
If the homeowner lives elsewhere for 12 consecutive months (i.e. assisted living home)

When the reverse mortgage becomes due there are two options for paying it off.

Proceeds from the sale of the home
The heirs of the homeowner can refinance the loan

Like all loans a reverse mortgage does carry conditions in order to remain valid. Below is a list of reasons for which a borrower would find themselves in default.

Failure to pay property taxes
Failure to keep the home in good repair
Failure to insure the home
Taking of new debt on the home
Bankruptcy
Abandonment or donation of the home
Eminent domain

To apply for your reverse mortgage click here.

Avenue Mortgage Corporation 1700 Park Street Ste. 106 Naperville IL 60563

Illinois Residential Mortgage Licensee MB.00002022 NMLS # 209849 - Mortgage Banker