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How Can You Receive Your Payments?
A Reverse Mortgage allows you to choose how you receive your payments. Repayment is not due as long as you live in the home as your primary residence, continue to pay required property taxes and homeowners insurance, and maintain the home according to FHA requirements.
When Is It Paid Back?
A Rerverse Mortgage loan must be repaid in full under the following circumstances:
- The last remaining titleholder sells the home
- The last remaining titleholder passes away
- The titleholder(s) fails to live in the home for more than 12 consecutive months
Some other circumstances that may cause the loan to become due include:
- You transfer the title to another person or entity
- You fail to pay property taxes
- You do not maintain and/or repair the home
- You do not to keep the home insured
