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From America's #1 Rated Reverse Mortgage Lender

I have a reverse mortgage, but I no longer want a reverse mortgage. How can I pay it back without taking out a loan? I have had the mortgage for about 10 or 11 years. I don't have enough money to pay back all at once. Can I make payments to the bank holding the mortgage? Also, can I sell some of the acres I don't use on the property?

By Mary T. on 01.13.2019

Hello Mary,

There are several flexible options for repaying a reverse mortgage balance, allowing you to manage the loan in a way that best fits your financial situation.

Ways to Repay a Reverse Mortgage

Full or Partial Repayment – You can repay the loan entirely or in smaller amounts at any time without prepayment penalties. This flexibility allows you to decide how and when to reduce your balance.
Making Voluntary Payments – While reverse mortgages don’t require monthly payments, you can choose to make make volentary payments to lower the balance over time while retaining full ownership of your home.
Lump Sum Payments – If you prefer to pay down your loan in larger amounts, you can do so in chunks to reduce interest accrual and lower the overall balance more quickly.
Single Full Payment – If you want to clear the entire reverse mortgage balance at once, you have the option to do so at any time without penalty.
Partial Reconveyance – If you sell a portion of your property to repay part of the loan, you may request a partial reconveyance. However, this process requires lender and HUD approval.
Family or Financial Assistance – If family members or other financing sources are available, they can temporarily pay off the loan balance. This can be useful if you plan to sell excess land, allowing you to repay the mortgage after the sale is completed.

Choosing the Best Option

Each repayment method has its own benefits. Carefully evaluate your financial goals and consult with your lender or a trusted financial advisor to determine the most suitable option for your situation.

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