The big problem with this I believe is when the owner of the home dies. You only explain the pros on this video but you don't explain the cons of making this decision. Basically when the owner of the home dies the heirs will have to fully paid the mortgage (pay the debt) in order to fully own the house. I don't believe the heirs will really appreciate receiving a debt of thousands of dollars. The solution to this is don't buy a house you cant afford. Other option is sell the house and with the proceeds pay off the mortgage. I hope the house will sell for more than the value of the mortgage.
Hi Jesiel.. that's a great point, and in the video called "Reverse Mortgage Myths" Fred explains what happens after the owner dies, either the family sells the home or pays off the loan. It's the same as any other mortgage, the loan must be paid off. You can see the video "Reverse Mortgage Myths" here: ua-cam.com/video/1EIWe7AJ4qo/v-deo.html
I bet most people don't know this is possible!
Yes, it can be a great option! Thanks Stephanie :)
The big problem with this I believe is when the owner of the home dies. You only explain the pros on this video but you don't explain the cons of making this decision. Basically when the owner of the home dies the heirs will have to fully paid the mortgage (pay the debt) in order to fully own the house. I don't believe the heirs will really appreciate receiving a debt of thousands of dollars. The solution to this is don't buy a house you cant afford. Other option is sell the house and with the proceeds pay off the mortgage. I hope the house will sell for more than the value of the mortgage.
Hi Jesiel.. that's a great point, and in the video called "Reverse Mortgage Myths" Fred explains what happens after the owner dies, either the family sells the home or pays off the loan. It's the same as any other mortgage, the loan must be paid off. You can see the video "Reverse Mortgage Myths" here: ua-cam.com/video/1EIWe7AJ4qo/v-deo.html