Some homeowners have preconceived notions about
reverse mortgage loans. For example, they fear that once they get their reverse mortgage the bank owns the home, or the bank takes their home when they pass away. Of course neither of these is true. Here’s what you need to know about what happens to your house during and at the end of a reverse mortgage.
THE HOUSE STAYS IN YOUR NAME THROUGHOUT THE ENTIRE LIFE OF THE LOAN
When you get a reverse mortgage loan the title of your home stays in your name. It is just like a traditional mortgage in that there is simply a lien filed against the property the same as any other home loan. The major difference between a traditional loan and a reverse mortgage is that there are no monthly mortgage payments required with a reverse mortgage. However, since the home stays in your name, you are still responsible to pay all of your own property taxes as well the as the homeowners insurance and any maintenance. Read more from this blog:
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