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How do you pay back a (HECM) reverse mortgage?

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EPISODE #780

Yahoo Finance: How do you pay back a reverse mortgage?

[Yahoo Finance ] When must a reverse mortgage (HECM) be paid off? Can the loan be paid off early? What are the typical payoff options?

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Editor in Chief: HECMWorld.com
 
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
 
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
 
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

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2 Comments

  1. ADUs from last week.

    Since HUD allows HECMs on 1 to 4 unit properties. as long as the parcel has less than 4 units why wouldn’t the ADU qualify as an additional unit especially since HUD does not specify that only existing units qualify as meeting this requirement. While pontificating may seem authoritative, please cite the HUD/FHA written document that states that a newli constructed ADU does not meet HUD’s principal residence definition. Please provide the exact citation.

  2. One point needs to to be set straight from the beginning. HECMs and proprietary reverse mortgages are not the same and have different payoff
    rules. So Yahoo Finance got off on the wrong foot by referring to all reverse mortgages as if the same rules apply to all reverse mortgages. So be aware that the rules may be different.


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