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Toll
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#21 What if at a later time, I decide to sell my house and move?
#22A What happens to my home when I eventually pass away?
#22B who would be responsible for selling the house?
#23 What happens if my home appreciates in value during the mortgage term?
#24 Do I have to transfer ownership to the Lender or to FHA?
#21 What if at a later time, I decide to sell my house and move?
The Reverse Mortgage becomes due like most mortgages. You will receive any proceeds in excess of the amount owed on the mortgage.
#22A What happens to my home when I eventually pass away?
The accrued interest and any ongoing costs plus what the lender has paid you, or any payment made on your behalf through the years, is due and payable.
#22B who would be responsible for selling the house?
The loan is paid to the lender through the sale or refinancing of the home by your heirs. Any proceeds in excess of the amount owed to the lender belong to your heirs.
#23 What happens if my home appreciates in value during the mortgage term?
You or your heirs are legally required to pay back to the lender only the outstanding balance that is due. Any money remaining after the mortgage is paid, regardless of the home value, goes to you or to your heirs upon your death.
#24 Do I have to transfer ownership to the Lender or to FHA?
No. The title and rights of ownership do not change.
#25 What are my obligations as a borrower?
You must keep your home as your primary residence, maintain your home in good condition, pay the property taxes and insurance, and homeowner's association dues if any.
#26 Am I still eligible for a Reverse Mortgage if my home is in a Living Trust?
Yes. However, your Trust is subject to review and approval by an attorney.
An Amendment to the trust is also required and it's prepared and included in the
closing loan package.
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| CA Dept. of
Real Estate, Real Estate Broker Lic # 01346804 |
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