Mom’s Debt
Question: Personally, I think krh is confusing a “home equity loan” or a remortgaging >(to pull out equity)with a reverse mortgage, which as Ipogoda and Chloe have >noted, is a very different type of financial instrument.
Answer: Oh? A reverse mortgage is nothing more than a loan on one’s house providing they own it. They can receive the money in periodic payments or a lump sum and do what they wish with it. There are no repayments but the loan is due when the owner dies. The house is sold and the loan is satisfied. Excess from the house goes into the deceased estate.
http://www.reversemortgage.org/Revmtg.htm
Is this what I’m confused about?
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Filed under: Home Equity Loan
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