Скачать или смотреть How does a Reverse Mortgage work?

Reverse mortgage: Very useful — and very misunderstood.

It’s very important to dispel one common misconception about reverse mortgages. When the borrower takes out a reverse mortgage, he or she does not give up ownership of the home.

Also, when the borrower dies, the home is passed on to his or her heirs, NOT the bank. If the borrower wants to sell the house or just pay off the mortgage earlier, they certainly have the right just like a forward mortgage.

I really want to emphasize the above points because the ownership myth may be preventing eligible borrowers that are 62 or older from receiving much-needed cash-flow help. For the right person, a reverse mortgage can be a life-changing tool. A borrower will have no mortgage payments for life and, if qualified, has the option of paying bills or receiving cash at closing. These benefits can significantly increase a borrower’s monthly cash flow. A reverse mortgage can make life more comfortable and not force the borrower to have to move or sell assets.


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