social security: Reverse Mortgage Myths
- 06/16/08 04:41 AM
MYTHS- 1) I would be selling my home to the bank: FALSE: You keep your home, the lender will add a lien ( just like any mortgage) but you still have complete control over your property 2) My heirs won't inherit anythig: FALSE: Your estate only owes the balance on the mortgage. The balance is however much you spent and interest. Remember, also, that your heirs will also have any investments you have made with the reverse mortgage proceeds. 3) I might "outlive" the loan: FALSE: FHA/HUD reverse mortgages are designed specifically so that you cannot outlive the loan. When you … (7 comments)
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