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Paying back a Reverse Mortgage

Customer Question
Paying back a Reverse Mortgage
Submitted: 8 months ago.Category: Legal
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Customer reply replied 8 months ago
Reverse Mortgage - I currently have a reverse mortgage and want to start paying down the accrued monthly interest.
When making monthly payments do I need to direct the mortgage company to apply the payment directly to the current Principal Limit which is the Financial Charge of the Reverse Loan and not the MIP Financial Charge which is the Mortgage Insurance or will it just e deducted from the bot***** *****ne. When I first took out the loan the sales representative told me they may try and deduct it just from the MIP since it is a lower amount and would not decrease the Original Principle Limit? Hope this makes sense.
Answered in 15 hours by:
9/15/2017
Lawyer: Law Educator, Esq., Attorney replied 8 months ago
Law Educator, Esq.
Category: Legal
Satisfied Customers: 124,147
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

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Lawyer: Law Educator, Esq., Attorney replied 8 months ago

When you make payments on the mortgage, you can state on the payments where you want them to be applied. Unless your mortgage contract (you need to review that contract too) prohibits you from directing payments as you specify, the mortgage company must apply the payments as you direct them to apply them.

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