Did You Know? 3 Reasons Why a Reverse Mortgage Loan Becomes Due
1. If the home gets sold
2. When the last remaining homeowner passes away
3. When the last homeowner is no longer occupying the home
When any of these events happen, the family has decisions to make. If the family does not want the home, they have between 6-12 months and pay back loan proceeds, and walk away with the remaining equity.
If the owner moves into an ALF and is not in the home for 12 consecutive months, the loan becomes due and payable or the family can pay back the loan proceeds and own the home free and clear.
We thank Chris Bruser for sharing his expertise regarding Reverse Mortgages. Another way that families can uncover ways to stay at home and use money from the Reverse Mortgage to pay for care, home modifications, or simply afford to stay in their home.
Please reach out to Chris if you have questions regarding this topic, and thank you for listening!
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