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Why do my payments not reduce my reverse mortgage

Posted by Kinetics7 Kinetics7
Message 1 of 2 39 Views

I would like information on my reverse mortgage. I am wondering why my monthly payments are not reducing my Reverse Mortgage.  Is it possible to arrange to have them reduce my mortgage?

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Re: Why do my payments not reduce my reverse mortgage

Posted by LyndsC LyndsC
Message 2 of 2 36 Views

Hi @Kinetics7, the reason for this is that Reverse Mortgages are an interest only product, so your repayments are only made up of the interest accrued. Thanks

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