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While reverse mortgages typically do not require monthly mortgage payments, you may choose to make voluntary payments at any time. Making payments can help reduce your loan balance and the amount of interest that accrues over time. The amount and frequency of any payments are entirely up to you. Reverse mortgages generally do not have prepayment penalties, so you can pay down your loan when it makes sense for your financial situation. 

Benefits of Paying Down Your Reverse Mortgage

• Reduce your outstanding loan balance
• Minimize future interest accrual
• Preserve more home equity
• Potentially leave more equity available to your heirs

Ways to Pay Down Your Loan

You can make a one-time payment or make payments periodically based on your financial goals. Any payment you make will be applied to your reverse mortgage balance according to the terms of your loan. 

Understanding Your Options

If you’re considering making a payment towards your reverse mortgage and would like assistance understanding how it may affect your loan balance, contact us and one of our specialists can help explain your options. Information about mortgage assistance and repayment programs may also be available for eligible borrowers experiencing financial difficulty.