When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.Tweet
Posted by OscarNOW
on 2:13 PM.
Filed under
economics
.
You can follow any responses to this entry through the RSS 2.0
0
comments
for
�Will I still have an estate that I can leave to my heirs?�
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
Posted by OscarNOW
on 2:13 PM.
Filed under
