When a reverse mortgage loan borrower passes away, the loan becomes due and payable. (thehill.com)
Qualified reverse mortgage loan borrowers are required to pay off their traditional mortgage using their reverse mortgage proceeds — this eliminates future monthly mortgage payments for reverse mortgage borrowers. (newretirement.com)
Federal law requires that reverse mortgage loan borrowers meet with a third - party counselor that has been trained and approved by the Department of Housing and Urban Development (HUD) for an unbiased look at the pros and cons of borrowing. (americanadvisorsgroup.com)