• Termination of hecm.

  • Jeffrey B Neal

    Guest
    April 10, 2021 at 7:57 am

    Is the mortgage insurance balance refunded at payoff and hecm termination?

  • Mike Roberts

    Administrator
    May 8, 2021 at 11:23 am

    Hi Jeffrey, sorry for the slow response, I missed your question. Once the reverse mortgage is paid off in full, the mortgage insurance (which makes the reverse mortgage non-recourse) is cancelled, but it’s not refunded. It’s like most other insurance; you pay for the coverage while you have it, but it’s not refunded once it’s cancelled. Thanks for checking in!

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