Jeffrey B NealGuestApril 10, 2021 at 7:57 am
Is the mortgage insurance balance refunded at payoff and hecm termination?
AdministratorMay 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!