Good Morning!
I wanted to address the two most common
questions that I get regarding reverse mortgages…
Question: What happens if I die? Will the lender be taking my house?
Answer: No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep your home.
Question: What happens if the loan balance becomes greater than the value of my home?
Answer: No matter how large the loan balance becomes, you have the right to continue to live in the house. The lender cannot take over your home as long as it is your principal residence. Besides, you will NEVER owe the lender more than the value of your home. HUD will pay the shortage for you, if there is any.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
I’ve written about this before, but we have more and more people passing the age…
I had this situation come up again last week, and I wanted to address it…
One of the most important things you will have to do when you apply for…
I wanted to remind you that we have a 2% to 5% downpayment and closing…
If you receive money from the State or a County sponsored organization for providing foster…
Do you have investment property, and would like to pull cash out of your property?…