With the housing market down, how the value of your home that affect the investment performance of a reverse mortgage?
The reverse mortgage accumulates interest to use the money, and your house is expected to appreciate 4% per year so you should never exceed the value of your home?
Most Reverse mortgages are non-recourse loans which means you can never owe more than house is worth. Seniors eligible for reverse mortgages depending on their age and equity. Once the borrower (s) to release the house, the house can be sold to repay the loan or mortgage refinancing ordinary. If the proceeds of sale exceed the amount of the loan, the homeowner receives the difference. If the product is not sufficient to repay the loan, the bank (the bank or insurance on the loan) absorbs difference. Hope this helps! Let me know if you have any questions.
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