When does my loan become due and payable?

A HECM loan must be repaid in full when you die or sell the home. The loan also becomes due and payable if:

• You do not pay property taxes or hazard insurance or violate other obligations.
• You permanently move to a new principal residence.
• You, or the last borrower, fail to live in the home for 12 months in a row. An example of this situation would be if you (or the last borrower) were to have a 12-month or longer stay in a nursing home.
• You allow the property to deteriorate and do not make necessary repairs.