Unable to use the embedded player? Listen here.
EPISODE #780
Yahoo Finance: How do you pay back a reverse mortgage?
[Yahoo Finance ] When must a reverse mortgage (HECM) be paid off? Can the loan be paid off early? What are the typical payoff options?
Other Stories:
- [Reverse Market Insight] Reverse Market Minute
- [Reverse Mortgage Daily] HUD’s spring regulatory agenda includes reverse mortgage
   
 
2 Comments
ADUs from last week.
Since HUD allows HECMs on 1 to 4 unit properties. as long as the parcel has less than 4 units why wouldn’t the ADU qualify as an additional unit especially since HUD does not specify that only existing units qualify as meeting this requirement. While pontificating may seem authoritative, please cite the HUD/FHA written document that states that a newli constructed ADU does not meet HUD’s principal residence definition. Please provide the exact citation.
One point needs to to be set straight from the beginning. HECMs and proprietary reverse mortgages are not the same and have different payoff
rules. So Yahoo Finance got off on the wrong foot by referring to all reverse mortgages as if the same rules apply to all reverse mortgages. So be aware that the rules may be different.