Frequently Asked Questions about the HECM Reverse Mortgage for Seniors age 62 and Over
By Mark Maupin See Blog Free Investors Training, National Real Estate Investors Network Host
(National Real Estate Network, LLC)
Kendra Pack is the Expert who can Answer all Your Questions regarding this Special FHA Mortgage Equity Program Q: What happens to my house when I pass away?A: If your spouse is also listed on the title to your home, he/she will be able to continue residing in the home and receiving the benefits of the reverse mortgage. If you do not have a surviving spouse, all equity remaining in the home will pass to your heirs. Your heirs can choose to sell the house or keep the home and apply for a traditional mortgage to finance the outstanding balance. In that situation, the lender will work with your heirs to help them decide how to proceed. Q: Will I continue to own my home?A: Yes. You still own your home since you retain the title. Financial Freedom Senior Funding Corporation can set a...
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