Hello Mary,

There are several flexible options available for paying back a reverse mortgage balance, providing you with financial freedom and control over the process:

Full or Partial Repayment: You have the flexibility to repay your reverse mortgage in its entirety or in smaller portions at any time without incurring prepayment penalties. This gives you the freedom to choose the most suitable approach based on your financial circumstances.

Making Repayments: You can choose to make volentary payments towards your reverse mortgage, helping to reduce the outstanding balance over time. This approach allows you to manage your loan while retaining ownership of your property.

Lump Sum Payments: If you prefer to make larger payments, you can pay off your reverse mortgage in "chunks." This method enables you to reduce the balance more quickly.

Single Full Payment: This option is available for those who wish to settle the entire reverse mortgage balance at once, providing a straightforward way to clear the debt entirely.

Partial Reconveyance: In the event you decide to sell a portion of the property encumbered by the reverse mortgage to repay the loan, you may pursue a partial reconveyance. However, it's essential to note that this process may require approval and participation from the lender and the Department of Housing and Urban Development (HUD).

Assistance from Family or Others: If family members or other sources of financing are available, they may assist in temporarily paying off the reverse mortgage balance. This can be particularly useful if you plan to split the lot and sell excess land, allowing you to repay the balance once the land sale is completed.

In summary, there are multiple avenues to explore when repaying a reverse mortgage. Carefully consider your financial situation and consult your lender and trusted professional to determine the most suitable repayment method for your unique circumstances.