Answers
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Yes, it works exactly like the traditional forward mortgage. You pay back the Lender what you owe, and keep the remaining equity for yourself. Reverse Mortgages don't have pre-payment penalties, so you can pay back the Lender anytime you want, without penalty.
You can also refinance a Reverse Mortgage. You can refinance it with another Reverse Mortgage, or with a Forward Mortgage.
**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.
