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Reverse Mortgages 101

How Do I Pay Back A Reverse Mortgage?

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A reverse mortgage becomes due when:

  • You receive the maximum approved amount of the loan OR
  •  When you move out, sell your home or die, 

When the mortgage is due, the mortgage can be paid off, refinanced or the house sold.

While interest is added to the amount of money you receive, interest on a Reverse Mortgage is not payable until the house is sold. The interest is tax deductible in the year of the sale.

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