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

(229)

The Process Went Smoothly All questions were answered in a timely manner. Process went along smoothly .

Norm J — May 3, 2023

Larry made it easy Larry made the process easy to get thru.

Kathy K. — Jan 24, 2014

Larry was our loan officer Larry was our loan officer. He gets a 5-star review from us. Going through this whole reverse mortgage process from beginning to end was very stressful at times. I had a million questions for Larry, and he took the time to answer and explain every question with an explanation as well. I would recommend him 100%

Bill & Julia A — Jul 27, 2022