Myth - The lender owns my home - The Reverse Mortgage borrower holds title just like on a normal mortgage. Upon sale or passing of the last borrower, the balance (principal + costs+ interest) is due. If there is remaining equity, the borrower(s) or heirs would keep this upon sale. If there is no equity (loan is more than value of the home), this is a non-recourse loan and the borrower/estate/heirs can not owe more than the market value of the home.
Helping Senior homeowners to stay at home and maintain a good quality of life
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