reverse mortgage


C

Cal Lester

The statement above is 100% WRONG....................
One of the basic tenets of the GOVERNMENT sponsored concept
is that in the event that the sale of the home does NOT cover the
current TOTAL Mortgage, that the heirs owe NOTHING...........

Cal - it wasn't said that the heirs should pay the difference between
the mortgage and the sale price, but the estate. I think it should be
recognized that the estate is a legal entity in itself, separate from
the heirs. Anyway, I believe the poster was voicing an opinion, not
the law.

Elizabeth Richardson


Elizabeth, I find extremely difficult to have to correct you, BUT you too are WRONG.

As I stated above, there is ABSOLUTELY no obligation to re-imburse the
lender in the event that the sale price is LESS than the existing mortgage
(including accumulated interest).
If however after the completion of the sale, and the ancillary costs of
selling, IF there should be a NET profit of $10.00, then that sum would
be payable to the Estate. See attachment

check here;


http://www.aarp.org/money/revmort/revmort_basics/a2003-03-21-revmortfactsheet.html

Cal
 
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