What happens if we decide to move?
When the property is no longer your primary residence, the loan becomes due and the balance paid, typically by selling the property, or refinancing.
Your home needs to remain your principal place of residence when you have a reverse mortgage.
You may travel or leave your home (i.e. to visit family, etc.) for any reason for up to 12 consecutive months. If you decide to sell your home, you simply repay the reverse mortgage loan balance from the sale proceeds exactly the same as you would with a conventional forward mortgage and keep the remaining cash.