Hi Thanks for sharing How Can a home owner Reverse a reverse mortgage. Meaning they want to take back ownership of their house. I'll have lots more questions if the answer is yes Later Lance
My pleasure Lance! Yes, you can “reverse” a reverse mortgage.😊 You can pay the loan off at any time, if you wish. You could pay it off in a lump sum with your own funds or refinance into another type of mortgage. And there are never any prepayment penalties. Hope that helps.
Hi
Thanks for sharing
How Can a home owner
Reverse a reverse mortgage.
Meaning they want to take back ownership of their house.
I'll have lots more questions if the answer is yes
Later
Lance
My pleasure Lance! Yes, you can “reverse” a reverse mortgage.😊 You can pay the loan off at any time, if you wish. You could pay it off in a lump sum with your own funds or refinance into another type of mortgage. And there are never any prepayment penalties. Hope that helps.
If I were to get a HECM for purchase reverse mortgage and made voluntary payments, would that create a credit line for future borrowing?
Yes, it would. But only if you chose the adjustable rate option, as that is the only option that comes with the line of credit feature.
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