When happens when the owner decides to move with a reverse mortgage?

If a homeowner has a reverse mortgage and decides to move, the reverse mortgage must be paid off. Typically this is done when the current home is sold and proceeds are used to pay off the reverse mortgage and whatever is left goes back to the homeowner. Due to the initial premiums on a reverse mortgage, experts do not recommend applying for a reverse mortgage if you think you will be moving within a few years. Of course, circumstances always change and you may have no choice but to move.