NLIC.org

Maria Said:

with a reverse mortgage, what happens to the equity of my home?

We Answered:

There are lot of misconceptions about reverse mortgages, and these responses prove it.

When the homeowner dies in a reverse mortgage situation, the heirs have the option to pay off the note and acquire the property, or sell the property at fair market value and recoup the amount of the sale above the payoff. In no case are the heirs or the estate liable for any reduction in property value. The financier assumes all of that risk. As such, the heirs have full right to remaining equity in the property.

Gabriel Said:

home equity on reverse mortgage?

We Answered:

Best Anwser- Chosen by Voters


You need to call Frank IMMEDIATELY at 661-635-4900 or 919-802-3119 or 866-728-8587. He can get you financed with his network of over 400 lenders (up to 100%) even with bad credit. He has helped me with 4 properties and it has saved me thousands per month. He also helped me with foreclosures and made me a ton of money. He is an expert in this area.
http://www.realestatefundingnetwork.com

Katrina Said:

what is difference between reverse mortgage vs. home equity loan?

We Answered:

These are very different. A reverse mortgage gives over part of your homes equity to a lender and they in turn give you a monthly payment (reverse of a normal mortgage) but you need to either own the home completely or have a very low balance and it is only for people over the age of 62. You don't have to pay the money back the balance you received is simply given back to the bank when the home is sold or property rights transferred. A equity loan is basically a second mortgage on a home, the property is used as collateral the bank gives you a certain amount either as a lump sum or line of credit and you make regular monthly payments.

Seth Said:

Is a reverse mortgage a safe, legit method to access some equity from my property?

We Answered:

A reverse mortgage can be a great way to go if you have plenty of equity in your home. Make sure to do your research, as there are many unscrupulous agents out there taking advantage of seniors with very bad terms and false misleading information. Here is a pretty good site with a lot of good tips and resources:


http://www.reverse-mortgage-information.…


_______________________