What happens if you can’t pay the money you owe from a reverse mortgage back to the lender? The answer is you are going to walk away from your house and not owe anything. Yes, they will get the house but you will have gotten the equity – it’s as though you sold it back to the bank. Listen to this episode and I will explain this situation and how you still benefit.
You get the money and they get the house – just like a sale – except you got to live in the house and use the proceeds from the sale before they got the house. It’s a pretty good deal.
Thanks and all the best.