The loan is due and payable when you no longer occupy the property as your principal residence or fail to comply with the loan agreement.
The only requirement is that the loan be repaid in one payment. There is no requirement that the property be sold – only that the loan is repaid. This may occur either through the sale of the home or other resources (such as savings, or possibly applying for a new mortgage).
Reverse Mortgage Man
(866) 800-0280
http://www.moneywise123.com/
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