Repaying a HECM
As with most reverse mortgages, you must repay a HECM loan in full when the last surviving borrower dies or sells the home. It also may become due if:
- you allow the property to deteriorate, except for reasonable wear and tear, and you fail to correct the problem; or
- all borrowers permanently move to a new principal residence; or
- the last surviving borrower fails to live in the home for 12 months in a row because of physical or mental illness; or
- you fail to pay property taxes or hazard insurance, or violate any other borrower obligation.
Source: AARP
RTG Consultants is a national approved reverse mortgage and HECM lender, please feel free to call with any questions at 1-888-973-8377.
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