You want to get out of reverse mortgage and into conventional mortgage?

You can always get out of a reverse mortgage by refinancing it to a conventional mortgage, but before you do make sure its what you really want. A reverse mortgage is far better than most people realize. Not only do they not require payments and allow you to stay in the home as long as you live there, but they also have no personal recourse against you or your assets.

A conventional loan does As a result, if home values continue to drop and you get a negative equity situation, with a reverse mortgage you can walk away and the lender takes the full loss. With a conventional mortgage the lender can pursue you personally for any losses taken by filing for a default judgment against you. Paying money to refinance out of a no payment no personal obligation loan to a forced payment loan with a personal guarantee may be a bad move depending on your situation Finally if you want to you can always make a payment with a reverse mortgage.

There is no prepayment penalty so pay whatever you want whenever you want. Its just nice to know you don't have to pay if you can't. The only downside is you can't rent the home out.

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