How Does A Reverse Mortgage Work

Jeffrey Said:

what happens to a reverse mortgage after the person passes away. How does that work?

We Answered:

The property is sold by the estate and the balance owed on the mortgage is paid from the proceeds of sale.

Kevin Said:

what is a REVERSE MORTGAGE and how does it work?

We Answered:

You pay all principal first. Problem is that since you're not paying much interest the amount that you can write off practically goes away.

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