Yes, reverse mortgage can be paid off without penalties on HECM reverse mortgages and jumbo/proprietary reverse mortgages. As such, they can be paid off at any time. Remember that if you have a line of credit set up and would like to continue to have access to that line, you cannot pay your account down to zero. You should always keep a small balance. If you choose to make a large payment to reduce your balance dramatically, I would be sure to include a note that you are paying down your balance and that you would like to keep your line of credit open.
We do have one jumbo reverse mortgage (HomeSafe Select) that currently allows for a line of credit. The one caveat is that you need to draw a minimum of 25% of available funds at closing and the balance can’t be paid down lower than that amount without it being paid off in full. If you would like to close your line of credit on this HomeSafe product, you can pay off the balance in full without penalty.