Can I prepay the amount that the lending institution disburses under reverse mortgage? Is there a pre-payment penalty?

April 26, 2017disburses institution lending penalty pre-payment Prepay reverse mortgage

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Can I prepay the amount that the lending institution disburses under reverse mortgage? Is there a pre-payment penalty?

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Yes, you can prepay the loan along with the interest any time during the loan tenure. Typically, there is no pre-payment penalty.

How does the lending institution arrive at the amount that would be disbursed under the reverse mortgage product?
How does the lending institution recover the money that it has given me under reverse mortgage?
What is the maximum payment tenure that a lending institution offers under reverse mortgage?