Repayment Plan

A repayment plan is a structured way to make up your missed mortgage loan payments over a certain period of time. This is a type of loss mitigation. If you have trouble making your mortgage payments, your lender or servicer may allow you to enter into a repayment plan (cfp b.gov/askcfpb/268). Before entering into a repayment plan, make sure you understand the requirements of the plan and whether you will be able to make the new payments. Reverse mortgage A reverse mortgage allows homeowners age 62 or older to borrow against their home equity. It is called a “reverse” mortgage because, instead of making payments to the lender, you receive money from the lender.

An arrangement by which a borrower agrees to make additional payments to pay down past due amounts while still making regularly scheduled payments.