Advice for Children of Seniors
Reverse mortgages are “non-recourse” mortgages. That means that if the balance of the reverse mortgage is more than the home is worth and the loan is due based on the sale, death, or vacating the home then the maximum amount that is required to pay off the lender is the value of the home at that time.  The bank cannot come after the heirs for the remaining balance.  So the heirs will never owe the bank!

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