• Question
  • Can a relative buy out the reverse mortgage?

    Asked on 11/2/2007

    My folks have a reverse mortgae. They are 80 and 75. Can I buy the reverse mortgage from the mortgage company?

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  • Categories: Repaying, Reverse Mortgages

Answers

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  • NewRetirement User

    70 year old from Rochester, NY

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  • A relative can pay off the reverse mortgage debt and keep the house once the reverse mortgage comes due - either because the homeowner/reverse mortgage holder died or left the house.

    You should check with the mortgage company about whether there are any early payment penalties if you want to pay it off before either of these two scenarios play out.

  • Login to rate this answer:   Answered on 11/11/2007
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.