When does the loan come due?

A reverse mortgage loan comes due not based on a predetermined timeframe, but based on “maturity events.” These include the following:

• The property is no longer the primary residence of at least one borrower
• The last borrower fails to occupy the property for 12 consecutive months (typically this is for a higher level of care)
• The borrower does not fulfill their obligations under the terms of the loan. This includes paying all property charges including property taxes, homeowner’s insurance, any HOA payments, all maintenance costs, etc.

There may be a deferral available for non-borrowing spouses. Your loan officer can provide more information.