Answer - ABSOLUTELY FALSE!
No matter what age you live to, no matter if the loan ever exceeds the home value by any amount, and these days that is happening a lot with the depressed home values, you REMAIN in your home as long as you want and are able to live there! (of course you must still pay your property taxes and homeowners insurance, but that is it!) Once you leave the home, no matter the means or method, the loan becomes due, and either you or your heirs can take out their own financing to pay for the mortgage and keep the house. Or the home can be placed for sale. But that is your (or your heirs) CHOICE,as you cannot be forced out of the home because of a high loan balance. If the balance exceeds the home value, the mortgage insurance that is required on all HECM Reverse Mortgages will make up the difference between the two values if the home is sold. This is a very important safeguard that is so important, and fortunately required. It does boost the closing costs for the loan, but when you consider the benefits, it is well worth the cost.
Title companies & mortgage brokers, help your borrowers- arrange to have their loan signed and notarized in their home, at their convenience by a Certified Notary Signing Agent (CNSA)
Browse The Rain for a qualified and Certified Notary Signing Agent in your area.
Southwest Florida Notaries is open for your mortgage closing 24/7 at your location (Based in Murdock, FL, near Port Charlotte FL, but covering all of Southwest Florida - Manatee, Sarasota, Charlotte, Desoto, Lee and Collier counties)
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