How do heirs pay off a reverse mortgage?

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How do heirs pay off a reverse mortgage?

Category: Financial Planning with RM's Q & A

Usually, borrowers or their heirs pay off the loan by selling the house securing the reverse mortgage. The proceeds from the sale of the house are used to pay off the mortgage. Borrowers (or their heirs) keep the remaining proceeds after the loan is paid off. Sell the house for less than the mortgage balance. Oct 22, 2021