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Reverse Mortgages allow you to cost-effectively tap your home’s equity and enhance your retirement income.
Monthly
Line of Credit
Lump Sum
Mix and Match
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Thus, it’s not too surprising that folks who don’t fully understand reverse mortgages
often have preconceived notions, mostly negative, about how they work. Seniors
with home equity often erroneously think that taking a reverse mortgage may lead
to being forced out of their homes or ending up owing more than the house is worth.
You won’t be forced out of your home. Nor will you ( or your heirs ) end up owing
more than your house is worth. Federal law defines reverse mortgages to be non-recourse loans,
which simply means that the home’s value is the only asset that can be tapped to
pay the reverse mortgage debt balance. In the rare case when a home’s value does
drop below the amount owed on the reverse mortgage, the lender must absorb the loss.
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