Posted by Ron muhlenkamp on January 19, 2015 at 09:53:35 from (24.101.242.216):
In Reply to: Reverse Mortgage posted by Keith Molden on January 19, 2015 at 08:38:07:
Properly written, a reverse mortgage is just like a forward mortgage. You own the house/property, subject to the mortgage. In a forward mortgage, you make a monthly payment, part of that payment is interest, which is calculated at an interest rate times your remaing balance. The rest of your payment reduces the principal. In a reverse mortgage, you receive a monthly payment from the bank or S and L, Each moth they will calculate the interest on your prior balance, add it to your monthly payment and to your prior balance to get your new balance . So the amount of your mortgage balance goes up over time at the rate of your monthly cash received and the interest on the mortgage loan. You still own the house subject to the mortgage. When you go to meet your ancestors, your heirs can assume the mortgage, pay it off, or sell the property,pay the mortgage, and pocket the remainder just as they would with a forward mortgage. My opening state ment was "properly written". Like any legal contract, read it. I can't promise you that no one is trying to take advantage of the confusion on the topic.
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