Think You Know All There Is To Know About Reverse Mortgages?
Challenge Yourself with Marina's Reverse Mortgage Quiz! New Question Posted Every e-Newsletter Publication.
Winter 2020 e-Newsletter
Question: I would be passing on a huge debt to my heirs if I get a Reverse Mortgage - True or False?
Answer: False. The reverse mortgage is a non-recourse loan insured by FHA, which means that a debt can never be passed on to your heirs. If there’s not enough value in the home to pay off the entire balance, you or your heirs are not responsible to cover the shortage. The most that has to be paid back is the value of the home at the time the loan is due and payable.
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Fine print:* There are some circumstances that will cause the loan to mature and the balance to become due and payable.* The borrower is still responsible for paying property taxes, homeowner’s insurance and maintaining the property to HUD standards. Failure to do so could make the loan due and payable.