Reverse Mortgage Explained - Reverse Mortgage Safeguard #4 No Change to Title
🎞️ · 13.06.2023 · 20:29:24 ··· Dienstag ⭐ 0 🎬 0
📺 Reverse Mortgage Group
🎬 · 13.06.2023 · 20:29:24 ··· Dienstag
😎 · 03.07.2024 · 15:40:29 ··· MiTTwoch
This is one of the most important SAFEGUARDS of a Reverse Mortgage. It’s also one that is commonly included in myths and misinformation about reverse mortgages.
We often hear that a homeowner’s greatest fear or hurdle to considering a reverse mortgage is that the bank will own their home. Stated simply and emphatically, the bank DOES NOT OWN YOUR HOME.
With a reverse mortgage, the borrower retains title and ownership of the home, and can be passed on to heirs, just like a forward mortgage. In fact, in many cases, it’s even possible to close the loan in the name of a trust, if the title is held in a trust. As with any mortgage, you are still required to pay your property taxes and homeowners insurance.
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· 13.06.2023 · 20:29:24 ··· Dienstag
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