Pay Back Reverse Mortgage?

Hey Gary... A Reverse mortgage is still a mortgage.. And with all mortgages, if you choose to pay it off, you contact the lender and get a payoff statement, whatever is on the statement, that's what's owed.. If I'm reading your question right, you're asking if you can "give back" the money you received to make the home mortgage free, and that answer is no... Part of your payoff is going to be the costs associated with setting up the mortgage, and there's interest that has to be paid as well.. This all should have been explained to you when you initiated your loan.. if it wasn't, then you should go back to the company who initiated it and have them explain your options..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If you pay back just the amount the you have received in a lump sum payment or monthly since you got the reverse mortgage then the answer is no. In order to be mortgage free you must pay off the original loan amount + interest. Hope that helps

Yes, you can pay off a Reverse Mortgage just like any other mortgage. However, you'll need to obtain an actual pay-off request from the lender. Best of luck!

Paying off a Home Equity Conversion Mortgage, aka Reverse Mortgage, can be done. You will need to contact the existing servicer of the mortgage and request the payoff amount up to the day that you would wire funds.

Obtaining a payoff quote from the lender and paying back what is owed will make the home debt free, but if your reverse mortgage includes the revolving feature, then the home would NOT be free and clear. Because you did not state why you want to do this, you should talk with a Mortgage Professional to determine what your best course of action is to achieve your goal. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

There's great advice here that I will reiterate. Get a payoff quote, as you will also have other fees and interest. If there is a line of credit associated with it, then you will need to speak to the servicer to close that line and have the lien released from title. If you do this, then you'll likely want to follow up with your county recorder's office to make sure your deed/title has been reconveyed properly and your mortgage lien is properly released. Usually these things are taken care of well, but occasionally, they will fall through the cracks as an administrative task. It's at least worth the follow-up to make sure you're holding clear title.