line of credit: Can I Pay Off My HECM Reverse Mortgage Early?
- 11/20/16 11:14 AM
Let’s say you get lucky and win the lottery or get a big inheritance someday. Are you allowed to pay off the HECM reverse mortgage in full? Absolutely! There is no prepayment penalty or limitation on paying off your reverse mortgage balance in full at any time. Now, having said that, it may be a good idea to keep a small balance on the reverse mortgage and not pay it off in full. This is particularly the case if you have one of the LIBOR programs that come with the option to take proceeds in the form of a line of credit. … (0 comments)
line of credit: Corona Reverse Mortgage Client Story
- 05/27/11 05:28 PM
I really enjoyed working with this young retiree and her family! Ms. B bought her home with cash after she retired in 2003 and has been enjoying her adult children, her granchildren, gardening and some travelling. She keeps very active. With the economy getting out of control over the last four years, she has seen her savings dwindle and the return on her CD’s has gotten lower and lower as interest rates have fallen. Finally in November of last year she realized she would not be able to make her property tax payment and so she began to look into … (1 comments)
What You Want To Know & Need To Know About Reverse Mortgages -
“The postings, statements and opinions on this site are my own and do not necessarily represent the opinions and positions of my employer, and/or it's affiliates."
Let’s say you get lucky and win the lottery or get a big inheritance someday. Are you allowed to pay off the HECM reverse mortgage in full? Absolutely! There is no prepayment penalty or limitation on paying off your reverse mortgage balance in full at any time.
;)
;)
