prepayment penalty: 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)
What You Want To Know & Need To Know About Reverse Mortgages -
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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.
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