Repayment of Your Nevada Reverse Mortgage!
You, or your estate, will have 30 days to notify your reverse mortgage lender of the sale of your house, a transfer of primary residence, or the death of the last surviving borrower. You must then inform your lender of the means you will use to repay the Nevada reverse mortgage. Up to six months is available for you to sell or refinance the home. After six months, if you have approval from the lender, you may obtain extensions in 90 day increments. However, the limit for repayment is 1 year. Nevada Reverse mortgages are non-recourse loans. This means that the lender cannot require repayment based on anything other than you home’s value. Therefore, the total amount due is limited to the total value of your home. So, you do not need to be concerned with passing along any excess reverse mortgage debt to your heirs or estate. By the end of the agreement, you will owe the lender the total amount funded, accrued interest, accrued mortgage insurance premiums, servicing fees and any fees that were financed into your Nevada reverse mortgage. If your home is passed to heirs, the requirements for the reverse mortgage balance must be paid in a similar manner to the requirements for a traditional mortgage: either through personal funds, a traditional mortgage, or the sale of the home. If the house is sold, your heirs will keep any excess funds once the reverse mortgage loan has been satisfied. The home does not have to be sold, but the loan must be repaid in one lump sum.More Nevada Reverse Mortgage Information:
Nevada Reverse Mortgage | Reverse Mortgage Tax-Free Funds | Use of a Nevada Reverse Mortgage Fund | Available Funds From A Reverse Mortgage | Repayment of Your Nevada Reverse Mortgage | Nevada HECM Product Profile