Can I make payments on a reverse mortgage?

The simple answer is yes: you can choose to make payments on a reverse mortgage. A monthly mortgage payment is not required, but homeowners must maintain the property and stay current on property taxes, insurance, and HOA fees.

Making voluntary payments can be a strategic choice for homeowners who want to keep the loan balance lower. On an adjustable-rate reverse mortgage, payments may also increase the available line of credit by the amount repaid, subject to program rules.

Fixed-rate and adjustable-rate reverse mortgages handle repaid funds differently. With a fixed-rate closed-end loan, repaid funds are not later available to borrow again. With an adjustable-rate line of credit, repaid principal may become available again.

If you have questions about whether payments make sense for your situation, Ventana can help you look at the tradeoffs in plain language.