how do you pay off a reverse mortgage

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Having two mortgages isn’t as rare as you might think. People who amass enough equity in their homes often elect to take out a second mortgage. maybe you want to pay the loans off faster and want.

A reverse mortgage is a special type of home loan designed to enable homeowners 62 years of age and older to access part of the equity in their homes. It’s called a "reverse mortgage" because, instead of you paying the lender, the lender pays you. These payments can be a lump sum, a monthly advance, a line of credit, or a combination.

You must either pay off the old mortgage debt before you get a reverse mortgage, or pay off the old mortgage debt with the money you get from a reverse.

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Paying Off a Reverse Mortgage Step. Decide the date you want to pay off the mortgage. Contact the lender to request "no further draws" against the equity line of credit (if a line of credit was set up), then request a payoff statement that is good through and including the month when the loan is to be paid off (add three of four additional days as a precaution).

You can make interest payments on any type of reverse mortgage: fixed-rate, adjustable rate, lump sum, monthly payment or line of credit. If you think you might have extra money from time to time that would otherwise go toward the interest payments, however, consider taking out the reverse mortgage as a line of credit.

Reverse mortgages can be a great tool for seniors who need extra money for living expenses or home improvements; however, if a reverse mortgage is not used correctly, it can cause severe hardship to a.

However, if the amount you owe on an existing mortgage (or other required payments) is more than 60 percent of your principal limit, you can take out enough to pay off your mortgage (and any other required payments, including upfront loan fees) plus additional cash of up to 10 percent of your principal limit.

For older homeowners seeking a reverse mortgage loan, this can be especially challenging, as a lower-than-expected value could preclude the borrower from securing the loan if the proceeds are not.

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There are two ways to look at a reverse mortgage. First: Only get a reverse mortgage if you absolutely have to. they will have to use the proceeds to pay off their loan. If the borrower dies, the.

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