When it comes to retirement, peace of mind matters. Today on Tune in Tuesday, we’d like to describe the process of reverse mortgage repayment. Like we’ve said before, this loan doesn’t need to be repaid little by little each month – in fact, there are no monthly mortgage payments due until the loan comes due. Just make sure to pay property taxes, homeowners insurance, and maintenance expenses to avoid foreclosure. While the reverse mortgage doesn’t need to be paid back bit by bit, you are free to do so if you wish and there are no prepayment penalties.
If you’d like to learn more about the flexibility of the reverse mortgage, feel free to call our licensed specialists today to have your questions answered.