Can I pay it back?

You can terminate the reverse mortgage and pay it all back, but you can't pay the balance down.

I hope this is helpful.

Anything you send in will be deducted from what you owe, but if you ask to have it available again in your line of credit, it will only reduce the principle.

If you send money in without specifying what to do with it, it will reduce your interest before reducing your principle, and if it does reduce your principle, that amount might be added to your line of credit, depending on the lender.

This is straight from the mouth of a Reverse Mortgage Consultant. I'm just a Notary that helps people sign these things.

You should run this by a RMC in your area to be sure.