Can A Reverse Mortgage Be Paid Back? | LifeSource Mortgage

Can A Reverse Mortgage Be Paid Back?
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In this video we discuss the question Can A Reverse Mortgage Be Paid Back? .
Video Transcript:
0:00 - Hey there, thanks for stopping by the channel.
0:07 - Today I'll be talking about reverse mortgage
0:09 - More specifically answering the question "can a reverse mortgage be paid back?"
0:14 - The Simple answer to that question is "yes", but I'll just explain further.
0:18 - With that said, let's go ahead and dive right in.
0:21 - Ok, so a reverse mortgage is just a mortgage like any other,
0:26 - but there's three differences.
0:28 - Number one, there's an age requirement. You have to be either 55 or 62 or older to qualify.
0:34 - There's an equity requirement.
0:36 - And the best part is you don't have to make a monthly mortgage payment
0:40 - for as long as you live or for as long as you live in your home.
0:46 - Now, in terms of making payments, you can make a partial payment, periodic payments
0:51 - You can make principal and interest payments.
0:54 - you can do whatever you want. And that's the beauty about a reverse mortgage
0:57 - Is that it puts financial freedom on you in terms of your monthly mortgage payment.
1:04 - Regular mortgages, you don't make a payment, they'll start sending you notices.
1:09 - Eventually they'll send a notice of default.
1:11 - Eventually they'll foreclose if you don't make a payment for long enough.
1:14 - That's not the case with a reverse mortgage.
1:16 - and you just simply don't have to make a mortgage payment
1:20 - again, for as long as you live or for as long as you live in the house.
1:23 - Now, if you're talking full repayment.
1:26 - There's no prepayment penalty with a reverse mortgage
1:30 - so you can certainly do that.
1:32 - However, let's say that you have a line of credit
1:35 - If you wanna keep it active so that you have access to it when you need money or want money
1:43 - for whatever reason, ya just have to NOT pay it back 100%.
1:48 - when you pay it back 100% it pretty much closes the line of credit
1:53 - and then you'd have to redo the reverse mortgage
1:57 - from the beginning like you did when you first got it.
1:59 - so, to avoid doing that, you would simply pay it down to
2:04 - (uh, it depends on the servicer) like $500 or $100.
2:08 - Leave that balance on there and you'd still have an active reverse mortgage
2:11 - life of credit so that you can tap into it whenever you want it or need it.
2:15 - I hope that answered any questions you might have pertaining to the subject
2:19 - I love reverse mortgages. We'd love to hear from you.
2:22 - If you have any questions about anything pertaining to reverse mortgage
2:27 - Our contact info is down below in the description
2:29 - and we'd love to give you a free information kit
2:30 - If you want more info about reverse mortgage loans.
2:36 - our contact info, again, is down in the description.
2:39 - If you could please just drop a quick like
2:41 - subscribe, and if you have any comments
2:46 - go ahead and feel free to comment
2:47 - Enjoy the rest of your day

🔥Get Your Free Info Kit🔥
For More Reverse Mortgage info, contact:
[email protected]
(949) 492-2252 x 704

🔥🔥🔥🔥More Info🔥🔥🔥🔥
https://lifesourcemortgage.com/reverse-mortgage
#CanAReverseMortgageBePaidBack #ReverseMortgage #HecmReverseMortgage

www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.