: Use personal savings, life insurance proceeds, or other liquid assets to pay the balance in a single lump sum.
Heirs must meet standard lending requirements (income, credit score) to qualify for this new loan. how to buy out a reverse mortgage
: Take out a new "forward" mortgage to pay off the reverse mortgage. : Use personal savings, life insurance proceeds, or
This allows you to spread the cost over time through monthly payments. : Use personal savings
In a reverse mortgage, you receive cash and increase the amount you owe instead of making payments and reducing your loan balance. Rocket Mortgage