Posted by Mike (WA) on January 19, 2015 at 16:26:05 from (174.31.194.94):
In Reply to: Re: Reverse Mortgage posted by VADAVE on January 19, 2015 at 15:33:14:
There may have been different types of "reverse mortgages" in the beginning- but as currently written, you can't outlive it- you get to stay for life, and they keep paying you as agreed until you die. Kind of like an annuity. And yes, if you go to nursing home, it can get the payments, as they are a part of your income.
As mortgage company pays you, the balance owed keeps increasing, and with the out-front fees and the way they figure it, if you live 10 years, the mortgage will probably be more than the house is worth, so the heirs will not be able to refinance or sell for the amount owed, and the mortgage company ends up with it.
Property remains in the owner's name, "subject to" the mortgage. I'm sure that the program could have been structured such that the house went into the bank's name, but for reasons that are too complicated to go into here, it is in the bank's best interest to keep title in the name of the borrower, subject to the mortgage.
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