With a reverse mortgage loan, if the balance is more than the home is worth, your heirs don’t have to pay the difference. If your heirs sell the home, the lender will take the proceeds from the sale as payment on the loan, and the FHA insurance will cover any remaining loan balance.
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“If this change is made, then I sincerely hope [FHA] will allow a carve out for adding non-borrowing spouses to title,” says Laurie MacNaughton, reverse mortgage consultant. but I understand why.
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A reverse mortgage has to be paid off when the borrowers move out or die. These are the options for paying off a reverse mortgage before or after the borrower’s death. Sell the house and pay off the mortgage balance. Usually, borrowers or their heirs pay off the loan by selling the house securing the reverse mortgage.
Reverse mortgage – Wikipedia – Reverse mortgages allow elders to access the home equity they have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month.
Reverse mortgages are often hyped as a great way for senior citizens to easily get extra spending money. Or, if you’re facing a foreclosure and you qualify, you might be able to take out a reverse mortgage to save your home.But in certain circumstances, the reverse mortgage itself might also be foreclosed.
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Unlike other types of home equity loans, a reverse mortgage doesn’t require that you pay off the loan until you move out of the house permanently or die, in which case your family or estate is.
Typically when a reverse mortgage borrower moves out of the home for 12 months or more, he or she is relocating permanently to an assisted living or long-term care facility, or moving in with family or loved ones. In these instances, the most common solution is to sell the home in order to pay off the reverse loan balance.
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If you move out of your home, you'll likely have to sell it to pay off the reverse mortgage. And you may be left without equity to foot the bill for.