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Dec 9th 2012 7:42PM The loan comes due when the borrower dies, sells the house, fails to keep the taxes or insurance current, or moves out of the house for more than 12 consecutive months. Once the mortgage comes due, the borrower or heirs of the estate have an option to refinance the home and keep it, sell the home and cash out any remaining equity, or turn the home over to the lender. Once a reverse mortgage is called due and payable, the borrower (or their heirs) can possibly be granted time extensions by the lender to give them up to one year to make this decision.
If the property is turned over to the lender, the borrower or the heirs have no more claim to the property or equity in the property.
The lender has recourse against the property, but not against the borrower personally and not against the borrower's heirs. Thus the mortgage is within the category known as "non-recourse limit".
Dec 9th 2012 7:20PM Thank you so much for adding this intelligent response to this article. I am a realtor who suggested a reverse mortgage to a neighbor of my mother, who I've known for 42 years. I would never have allowed a personal friend to be "taken by a scheme" and it has been the answer to his prayers. This is no scheme by nasty companies waiting for people to die and take their property. Research, read, and learn before you post comments about things you obviously know nothing about. This woman lost her home due to her own doing. She could have been added to the paperwork when she reached age 62, but apparently thought requirements only apply to other people!
Jul 8th 2012 10:59AM Yes, but religious freedom does not exclude you from following rules - and building codes. He was warned many times, but continued anyway. Obviously, his "christian" ways does not extend to his neighbors either!
Jul 8th 2012 10:57AM Were you there to see that???
Jul 8th 2012 10:54AM Seriously? Lucifer??? hahahahaha
And this country was NOT founded on "In God We Trust", Jan. Educate yourself before you post such nonsense. That phrase was added to money and the pledge in 1954 by Eisenhower - to intimidate the powers in communist Russia. Our founding fathers went to great pains to keep ALL religion out of our government!! Did you learn nothing in school????
Mar 7th 2012 7:29PM I agree Lilly - the idea that people will just take things that don't belong to them or things people worked so hard for, makes me sick. Like it's their right to just help themselves...
Aug 2nd 2011 4:21PM To superbombastik - I second your posting! Very well done, sir!!
Aug 2nd 2011 4:19PM Seriously? People need to lighten up! This was a sketch on a comedy show! And it was funny as hell...
Jun 22nd 2011 2:59PM Love the book cover. Wonder if the design was on purpose: all you see is "Demonic Ann Coulter"!! PERFECT!!!
Jun 22nd 2011 2:57PM hahahahahaha I was just thinking the SAME thing? Is she gay or a guy in drag???