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How is the loan repaid?

loan repaid
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How is the loan repaid?

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There are three ways to make payments on your loan: • Deliver Payment: Stop by one of our offices to make your payment. • Mail Payment: Simply mail your check or money order to the credit union with the loan coupons provided for you. Night deposit boxes are also available. • Payroll Deduction: You can use payroll deduction to make your monthly loan payments. Money will be deducted from your check each pay period and deposited in your savings account. On the 15th and the last day of the month, your loan payment will be deducted from your savings account. Using payroll deduction does not guarantee a loan will be approved. • Automatic Services: You can use Private Teller, Night Watch, or Payment Link to make your payment.

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The loan is repaid when all borrowers no longer occupy the property. The Reverse Mortgage can be paid back through a refinance of the property or paid from the proceeds of the sale of the property.

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