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When do you have to pay back the loan of a Reverse Mortgage?
Question|Rated good
Asked 8/23/2012 1:30:26 PM
Updated 105 days ago|10/26/2022 12:35:28 AM
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User: When do you have to pay back the loan of a Reverse Mortgage?





Weegy: Briefly, a reverse mortgage is for senior home owners aged 62 or older, used to convert their home equities to cash. A lender would determine the value of your home and provide you with the money. [ You need not pay it back until you sell, move out of the home or pass away. ]
Expert answered|jonsyg|Points 430|

User: Any money left after the Reverse Mortgage is paid off will then go to who? A. The bank keeps any left over money B. The heirs of the estate C. "If there are no living relatives, it will go to the closest neighbor." D. It goes to the next presidential election



Question|Rated good
Asked 8/23/2012 1:30:26 PM
Updated 105 days ago|10/26/2022 12:35:28 AM
2 Answers/Comments
This conversation has been flagged as incorrect.
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"When you move out of the home or when you die" have to pay back the loan of a Reverse Mortgage.


Added 105 days ago|10/26/2022 12:34:59 AM
This answer has been confirmed as correct and helpful.
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Any money left after the Reverse Mortgage is paid off will then go to the heirs of the estate.
Added 105 days ago|10/26/2022 12:35:28 AM
This answer has been confirmed as correct and helpful.
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