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How can you get out of a reverse mortgage?

In: Loans, Mortgages, Home Equity and Refinancing, Money Management [Edit categories]

Answer:

You can refinance out of a reverse mortgage at any time, there is no prepayment penalty. you can also sell whenever you want and move. Any equity remaining will be yours to keep. If there is negative equity in the home you can turn it over to the lender and will not face personal recourse against you or your assets provided the reverse mortgage is a HECM reverse mortgage insured by FHA- most are.

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First answer by Reversemymortgageguy. Last edit by Reversemymortgageguy. Contributor trust: 0 [recommend contributor ]. Question popularity: 1 [recommend question].

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