What could happen when a Reverse Mortgage Runs Out?

Many people hesistate to get a reverse mortgage because they are not fully aware of the consequences of having a reverse mortgage or lack there of.  Many people believe that their home will be taken by the lender after their mortgage runs out.  The true answer to this problem is:

No! Nor is the loan due. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home’s value.

This type of security is one great reason to take advantage of a reverse home mortgage.

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Posted by Jay McGrath | Leave a comment