When does the loan have to be fully repaid?

If you sell your home voluntarily and no longer require the loan, the loan must be repaid immediately upon settlement of the sale of your home.

In the event of the death of the last surviving borrower, beneficiaries are allowed periods of up to 12 months to sell the property and repay the loan balance in full. Some lenders also have a requirement that the loan must be fully repaid within an agreed period of borrowers moving into permanent aged care.

All reverse mortgage lenders will have specific terms and conditions in their loan contracts which clearly outline when the loan is to be fully repaid.

This entry was posted on Wednesday, September 9th, 2009 at 2:58 am and is filed under REVERSE MORTGAGE FEATURES AND LOANS CONDITIONS. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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