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Should Your Retired Clients Sell Their Home?
September 14, 2016
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Although, like any mortgage a reverse mortgage does require that homeowners meet tax, insurance, and maintenance obligations, the reverse mortgage DOES NOT entail relinquishing title to the home. Just like a regular mortgage, when the loan is due, any remaining equity devolves to either the borrower or this heirs because the house still belongs to the borrower. The non-recourse nature of the reverse mortgage is what distinguishes it. It is surprising that financial advisors still cling to the idea that the "bank gets the house."