mortgage & home loan refinance | vase at home

What if I outlive the terms of my loan?

What if I outlive the terms of my loan?

If the homeowner lives longer than expected, the lender cannot force the homeowner to sell the home and repay the loan.  More importantly, if the homeowner has opted for monthly lifetime income, the lender must continue to pay the homeowner each month even if the loan balance exceeds the home’s market value.  With a HECM loan, one will never need to repay more than the home is worth. The only time the loan balance needs to be repaid is when the last homeowner passes away or moves.

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