· 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.
In 2019, the reverse mortgage line of credit continues to be the most popular option for homeowners when choosing how to access their funds. According to an article by AARP, borrowers recognized this choice at about 66% of the time when obtaining a reverse mortgage as being the right choice for them.
Sure, you can pay off a reverse mortgage just as you would a regular one. Of course, you have to credit and income qualify, but you’d be refinancing, NOT "buying the house" as title is retained in.
Buying a House Getting an Auto Loan Managing Someone Else’s Money. Will my children be able to keep my home after I die if I have a reverse mortgage loan? If your children are heirs and can pay off your reverse mortgage loan, they may be able to keep your home after you die..
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Q: I have a reverse mortgage. belongs to you or your heirs. If the balance tips the other way and the loan is more than your home’s value, you or your heirs will have to turn over the house, but. But reverse mortgages also can be used to buy a new home.