Loan Specifications

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Loan Specifications: Repayment

A reverse mortgage loan is required to be a first lien mortgage, which means any existing loans or liens against the property must be paid off at the close of the loan. There are no monthly mortgage payments during the life of the loan. Repayment is due (the loan "matures") when the last borrower no longer lives in the home as their primary residence. The lender will work with you, or your heirs, to determine the repayment schedule. Your heirs have the option to sell the home or refinance it with a different type of mortgage loan to repay the reverse mortgage loan.

Once you have assessed your financial needs and determined that a reverse mortgage is right for you, or if you simply want to learn more, contact a Reverse Mortgage Solutions Advisor at 1-800-959-3789.

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To speak with a Countrywide Reverse Mortgage Solutions Advisor, call 1-800-959-3789.