As I indicated a few weeks ago the HECM reverse mortgage is going to see some significant changes. The details of how these new rules are going to be implemented have yet to come out fully, however here are some of the highlights of what to expect. Lower loan amounts based on the age/home value […]
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I have a reverse mortgage, what happens to my home when I die?
When you have a reverse mortgage on your home, when the last spouse dies, the heirs have a time period in which to deal with the home and it’s associated reverse mortgage. Your heirs will typically be given six months before the reverse mortgage is due and payable. During that time they can choose to […]