When will the principal and interest charges become due?

The loan must be paid in full when one of the following occurs:

A “maturity event” — the loan becomes due and payable when the home is sold, or the borrower or qualified non-borrowing spouse no longer occupies the home as their principal residence (i.e., passes away, moves out, or vacates the property for more than 12 months) due to mental or physical illness.
You fail to pay property taxes or homeowners insurance.
You let the property deteriorate beyond what is considered reasonable wear and tear, and do not correct the problem.

Verified Reviews

(233)

Everything was great Larry did an excellent job, everything was great.

Bill P. — Feb 8, 2016

Larry is Very Attentive at Answering Questions Larry is very knowledgeable of reverse mortgage products and very attentive at answering whatever questions you have and responds at late hours of the day and on weekends. He will also run reports for whatever scenario you want to see regarding any aspect of the process and effectively reviewing these reports and explaining them to you.

Brian & Jean S — Dec 12, 2020

Outstanding in Handling Everything Please let all at Mutual of Omaha know that you and your staff were outstanding in handling all the completed matters associated with getting this purchase loan done. We had realtors on vacation in Mexico and an estate representative on vacation in China creating many challenges. My realtor lost control and your efforts allowed us to get all the paperwork done and close the deal. Thanks again, I am so happy with the new digs and just finished up my new cash flow. I am free for life! Wow, such an exciting moment.

Gary N — Mar 21, 2024