NLIC.org

Bobbie Said:

Is it legal to withdraw credit line from reverse mortgage if you have to walk away?

We Answered:

ironic nick name
goldy locks

a reverse mortgage is money that goes to YOU every mo for
20 or more often 30 yrs. IT is repaid in a lump sum at the end
of the note.

U have to move out--you did not say why. Actually, it does not
matter. It does not matter who lives in the liened home.

u can use the reverse mortgage cash for ANY purpose.

naturally, the lender will foreclose on the house-he is not giving
away money; the house is his collateral. But remember, that
note is not due for years; unless u have a very unusual one
that has a due date in less than 15 yrs.