 raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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 Posted: Fri Nov 06, 2009 3:57 pm Post subject: |
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>>Does he sell house and pay off loan.
If he wants. He can also refinance the Reverse Mortgage with a Forward Mortgage or Reverse Mortgage and keep the house.
>>Does interest accumulate over years I am in house?
Yes, it's a negative amortization mortgage.
>>Will that make total of house to be sold more than original cost?
If you live long enough, the Lender could end up being negative on the mortgage (if you owed more on the Reverse Mortgage then the house was worth).
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Raymond
www.ReverseMortgageCalculator.org |
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