End of the Loan
A reverse mortgage ends when the borrower no longer occupies the home or violates the loan terms. Learn more about what happens next here.
Repaying a reverse mortgage
Reverse mortgage borrowers may repay the balance at any time. They are not required to wait until the loan comes due.
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Are heirs responsible for reverse mortgage debt?
When a reverse mortgage borrower passes away, their estate must resolve the debt. While heirs may need to decide how that happens, they are not personally responsible for the debt.
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Can you walk away from a reverse mortgage?
There are several ways to exit or walk away from a reverse mortgage before it comes to term. Contrary to a popular myth, none of them require that you pay a penalty.
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