can a reverse mortgage be paid back before death?
bren1999 asked:
We went to the bank yesterday to find out about loan options. My Mom is 80 years old and is almost broke. The banker told us that we CAN make monthly payments on a reverse mortgage. But I have been researching the internet and most sites say you can’t. So who is right?
She would like to pay off her home equity loan and instead take that money and pay the reverse loan which is only 4% interest. Meaning that the money shes paying out every month would actually bring the loan down.
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We went to the bank yesterday to find out about loan options. My Mom is 80 years old and is almost broke. The banker told us that we CAN make monthly payments on a reverse mortgage. But I have been researching the internet and most sites say you can’t. So who is right?
She would like to pay off her home equity loan and instead take that money and pay the reverse loan which is only 4% interest. Meaning that the money shes paying out every month would actually bring the loan down.
August 30th, 2009 at 12:14 pm
Bank of America, and I imagine most lenders, will let you pay off the loan early.