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HECM - HUD reverse mortgage to purchase home or cash out equity

Author	Message
billrun Guest 0.10 Dollars($)	Post subject: Rev Mort Wife & I are both 67. What would be our contribution to a condo purchase of $125,000.00. If said condo was sold 3 years later and had appreciated 10% to &137,500 ,am I correct to assume I would get back my original contribution plus the appreciated amount minus interest and payments made by the Reverse Mort. ?
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Post subject: Hi billrun, If you have a reverse mortgage and sell off the property, the reverse mortgage lender will recover the amount in full. If he receives a profit from the sale, then that will be divided between you and your spouse. Thanks

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