How long do I have to repay?
Repayment timeframe depends on what sort of financing you get.
With a Reverse Mortgage
- You don’t make any repayment until you no longer live in the home.
With a Seniors HELOC
- You make minimum interest-only payments each month (unless you choose to capitalize those payments).
- As long as the minimum payment is being made as agreed, there is typically no requirement to repay a HELOC in full.
With a Seniors Mortgage
- You make scheduled monthly payments of the principal and interest.
- The mortgage is paid off on or before the end of the amortization period you select.
- Amortization periods can generally be 5 to 30 years.
- The longer the amortization, the lower the monthly payment (but the more interest you pay).