RSSDo I Have To Make Payments On A Reverse Mortgage Loan?
Aug 31
Loans/Mortgages reverse mortgages pros and cons Comments Off
A common question among those looking at the reverse mortgages pros and cons is whether or not you have to make loan payments on any reverse mortgage. I had this same exact question myself when my wife’s parents were getting their loan.
The short answer is no you don’t. There are no loan payments due on a reverse mortgage until the actual loan amount is due for whatever reasons. At that time, you’ll have several repayment options. That said, you can make payments before this time if you wish. You will not face any type of repayment penalties or any other charges for doing so.
Another point to keep in mind is that you are always free to pay back the entire balance at any time you wish. If you elect to do this, you will not be charged any fees or penalties as well. At least not with any bank reverse mortgages that I’ve come across when we were doing research.