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QUESTION:
pre-payment permitted or not?
Can a reverse mortgage loan be paid off with the owner continuing to live in the residence on which the reverse mortgage was made or is pre or early payment not permitted?
	asked by Whitehorn, 2/24/2008
Categories: Reverse Mortgages

ANSWERS:
	Answered by: YourReverseMortgageGuy, 02/25/08 Overall Rating: Be the first to rate it.
Yes, you are permitted to pay off a reverse mortgage at any time. Jeff Crump YourReverseMortgageGuy.com Login to rate this answer:
	Answered by: Tamera, 02/26/08 Overall Rating: Be the first to rate it.
There are no prepayment penalties on a Reverse Mortgage. However, due to the upfront costs, the longer you keep your reverse mortgage, the more cost effective it becomes. Title on a reverse mortgage is held identically the same as a traditional mortgage. That biggest misconception about a reverse mortgage is that youre giving away your home, that cant be farther from the truth. When you want to pay it off, youll only owe the balance plus the interest and fees that have accrued. Any equity you have in your home is yours or your heirs. Also, if you want to make payments on a reverse mortgage, you can, youre just not required to. If you have further questions, Id be happy to answer them. tfield @ financialfreedom.com Tam :) Login to rate this answer:
	Answered by: martorana, 04/29/08 Overall Rating: Be the first to rate it.
Hi Whitehorn,My name is Frank Martorana and I manage a reverse mortgage company. You can pay off your RM at anytime with no Pre-payment. Login to rate this answer: