Is it possible to lose ones home in reverse mortgage?

Is there any chance that I can actually lose my home during the course of a reverse mortgage loan?
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American Advisors Group | Phil Scott
The only monthly payments we ask you to keep up with are the payment of your property taxes and your home insurance. If you were to leave these unpaid, then you would run the risk of losing your home. Other than ensuring you keep up with your property maintenance, this really is the only risk. You will remain the title holder of your home, you can never be asked to leave and even if you were to pass away, your family will have six months to decide on their options if they want to keep the home. Only when the home is sold, do we ask for the loan to be repaid, including accrued interest and any fees, and the remaining equity goes to you or your heirs. There are many things that can seem complicated when it comes to reverse mortgages, but we are on hand to help you better understand the process. Remember that you can always call and speak to one of our specialists if you have any questions, or take the first step towards a better life and order our free DVD today.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 10/21/2010

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