How Long does a Reverse Mortgage Last? Answer: As long as you need it too.

Age Limit

Technically speaking a Reverse Mortgage is guaranteed by HUD/FHA until age 150 of the youngest Borrower. But because that number is still so far above current life expectancy the real answer is that a Reverse Mortgage will last as long as you need it to. 

Your Forever Home

If you plan on living in your home for the rest of your life the Mortgage will last as long as you live in the home and pay your property taxes. Once you?ve passed away your Children will have 6 months to a year to sell or refinance the home. All of the remaining equity in the home after your mortgage is paid off then belongs to your heirs.

If you need to move

If you decide to move and you need to sell your home you are always free to do so. You sell the home and just like any other mortgage, the loan balance is paid off at the close of escrow. You then take your remaining equity and move on to purchase a new home. If you want to get a new Reverse Mortgage you can do that too but you can only have one Reverse Mortgage at a time.

Can I rent my home?

Yes and No. Yes, you can rent part of your home if you continue to live in the home and use it as your primary residence. If you move out of your home you cannot use the home as a rental property. if the home is not your primary residence you need to sell the home or refinance into a conventional mortgage.

If you or someone you love needs more information give us a call.

Trevor Carlson

President – Reverse Mortgage Specialist

Heritage Reverse Mortgage


Heritage NMLS #1497455 Trevor?s NMLS #: 267962

1060 South Main Street Bldg. A Suite 101B

St George Utah 84770