The reverse mortgage is due and payable if the borrowers are no longer living in the property as their primary residence (as would be the case if they move) or if they sell the home. However, the borrowers can choose to pay the loan off at any time they wish without penalty. This could be true if they wanted to gift the home to family members (those individuals would most likely obtain their own financing, and the reverse mortgage would be paid in full), if the borrowers wanted to refinance the loan with another type of financing, or the borrowers can pay off the balance if they suddenly have cash they did not expect (i.e., an inheritance or insurance payout) but however the loan is repaid, there is never a prepayment penalty. The most common ways a reverse mortgage is repaid when it is not with another reverse mortgage (refinance) is from the death of the borrowers and the sale of the home by the heirs or the loan foreclosed by the lender so that the lender can sell the property if the heirs do not wish to try to sell it (or there are no heirs).