How To Get Out Of A Reverse Mortgage

To exit a reverse mortgage, consider these five options:

1. **Right of Rescission**: Cancel the loan within 3 days of closing without penalty.
2. **Sell the House**: Use sale proceeds to pay off the loan; any excess remains with you.
3. **Pay It Back**: Repay the loan using personal funds, either in a lump sum or through a payment plan.
4. **Refinance**: Change to a reverse mortgage with better terms if interest rates have dropped or home value has increased.
5. **New Loan**: Refinance into a conventional loan, allowing for monthly payments and preserving home equity.