Mandatory obligations | Reverse Mortgage Glossary
Mandatory obligations
Existing mortgage payoff and closing costs paid first from HECM proceeds.
Plain English
Existing mortgage payoff and closing costs paid first from HECM proceeds.
Everyday analogy
Think of this as one piece of a loan puzzle. See our complete glossary or what is a reverse mortgage guide for context.
When this is NOT a good fit
Understanding terms does not mean a reverse mortgage is right for you. Review our eligibility and foreclosure guides before deciding.