If they sell it, many reverse mortgage loans include a non-recourse clause which means heirs don’t owe more than the home’s worth when it’s sold. So, if the reverse mortgage loan was for $300,000 and it only sells for $260,000, your heirs don’t have to pay the $40,000 difference.
Reverse mortgages are perhaps better known for their disadvantages. They can be hard to understand, the fees and interest consume a substantial portion of the homeowner’s equity and they’ve been used in home repair and investment scams to steal money from unwitting seniors. But when used by.
Reverse Mortgage Texas Texas House Gives Go-Ahead for Reverse Mortgage Purchase Loan – In yet another step toward approval in the state, the reverse mortgage for purchase loan received a vote in favor Thursday by Texas’s state House of Representatives. Reverse mortgage advocates as well.Best Reverse Mortgage Lender What Is A Reverse Mortgage For Seniors Is A Reverse Mortgage A Good Thing Is Reverse Mortgage a good thing to do? | Yahoo Answers – If you approach a reverse mortgage as if you are selling your house but you get to continue to live there until you need to move into a retirement home or die–then yes it can be a good thing.