Reverse Mortgages – They said I can never owe more than my home value, HUD clarifies what is true when your reverse mortgage comes due.

For years, reverse mortgage originators have been telling borrowers that reverse mortgages are “non-recourse”. They could never owe more than their house is worth at the time the loan is paid back. The Merriam-Webster Dictionary defines non-recourse as being or based on an agreement in which the lender has no right of recourse to the borrower’s assets beyond stated limits.

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What happens to the Reverse Mortgage when I pass away? – how much time do my heirs have?

I am often asked, “how long do my heirs have before they have to pay off the reverse mortgage?” A reverse mortgage becomes due when a “maturity event” occurs. In most cases this is either when the home is sold or the last borrower passes away. Each lender’s requirments are different. Here is what one lender had to say about repayment:

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DOWN SIZING WITH A REVERSE MORTGAGE, A RETIREMENT TOOL-Ask your self these “Age in Place” questions

Considering a reverse mortgage? Here are some questions to ask your self first. It’s quoted time and time again; over 95% of seniors want to live the duration of their retirement years in their own homes. Often consumers will start their research on programs, costs and numbers.

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DOWN SIZE WITH A REVERSE MORTGAGE, MOVE YOUR TAX BASE & TAKE A CAPITAL GAINS EXEMPTION? IT’S POSSIBLE. -A future trend for Southern California Boomers? For Boomers and Seniors living in other areas, two out of three isn’t bad either.

A future trend for Southern California Boomers? For Boomers and Seniors living in other areas, two out of three isn’t bad either.
The house is big, the kids are gone, you’re tired of maintaining the yard and you and your spouse only use half of the house. Could it be time to move and at the same time increase your retirement nest egg and cash flow?

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