Just too much bad information out there about reverse mortgages. Untruth's such as "I have to give my home to the lender" or " the bank get's my house" or "I get thrown out if I can't pay them back". So it is important to understand when a reverse mortgage needs to be paid back:
1. When the last residing borrower passes on.
2. When the property is sold.
3. When the owner/borrower lives somewhere else for 12 successive months
4. When the owner/borrower fails to pay property taxes
5. When owner fails to pay homeowner's insurance
6. When the owner allows the property to deteriorate and fall into disrepair
7. When the owner moves into a new principal residence.
o find out how much you qualify for with a reverse mortgage, visit www.topflitereverse.com/florian and use our free calculator.
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