please let me make this very clear. at this time i am only discussing the FHA HECM, government insured home equity conversion mortgage.
*you cannot lose your home. the FHA guarantees that you can stay in your home as long as you maintain the home and pay your taxes and insurance
*when you pass your heirs will make the decision to sell your home, or pay off the balance and retain the property. they may purchase the home for 95% of the appraised value, or the current mortgage balance whichever is less.
*when you acquire a traditional loan a lien is placed on the property. when you acquire a reverse mortgage a lien is placed on the property. the deed stays in your name, and you retain ownership.
*a reverse mortgage is too expensive. make sure you compare apples with apples, and oranges with oranges...a reverse mortgage does not require a monthly payment, may provide a guaranteed equity line, with an annual increased, a potential monthly tenure, and other options.
Significant changes have occurred to the program which make it a dynamic purchase and investment tool.
Got questions, just reach out and let me know how i may help.