This is the fifth question in our FAQ blog series on Reverse Mortgages. The following question is important for those seeking a Reverse Mortgage.
“What happens to the equity in the home with a Reverse Mortgage?”
When both borrowers pass away, the equity from the home is passed on to heirs. A Reverse Mortgage is just like any loan that needs to be paid off so once the heirs pay off the loan, they get to keep the remaining balance.
To see additional information regarding Reverse Mortgage, please visit my youtube channel: https://www.youtube.com/user/klgrodi/videos. All of the questions in this series on “Frequently Asked Questions regarding Reverse Mortgage” are answered in those videos.
Also, you can visit https://www.consumer.ftc.gov/articles/0192-reverse-mortgages for additional information.
If there is a question you may have that I don’t answer, feel free to email me at email@example.com or call be at 615-970-2216. I’d be happy to sit down and discuss any questions or concerns.