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What happens at the end of a reverse mortgage?
A reverse mortgage loan ends when the last borrower passes away or otherwise leaves the home. At this time, the loan principal and all accrued interest must be repaid. You or your heirs will have the option to repay the balance through the sale of the home or by paying off the mortgage balance with other funds. If the loan balance exceeds the home’s value, you or your heirs can also sign over the home’s title to the lender and walk away. Learn More
Disclaimer
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
