Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can I prepay the amount that the lending institution disburses under reverse mortgage? Is there a pre-payment penalty?

April 26, 2017disburses institution lending penalty pre-payment Prepay reverse mortgage

0

10 Posted

Can I prepay the amount that the lending institution disburses under reverse mortgage? Is there a pre-payment penalty?

1 Answer

0

10 Posted

Yes, you can prepay the loan along with the interest any time during the loan tenure. Typically, there is no pre-payment penalty.