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when i take reverse martgage what happens to me if i live longer than 15 years

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xandhya Joined: 10 Nov 2010 Posts: 2 1.00 Dollars($)	Posted: Wed Nov 10, 2010 8:47 am    Post subject: when i take reverse martgage what happens to me if i live l Like 0 Dislike 0 i am 62 years of age.i am a single person.i do not have legal heir.recently i sold my site. i want to buy a house or a flat for50lacs.now if i want to reverse mortgage that property ,how will i do it ? what will be the monthly loan i will be getting?after 15 tears if i am still alive what will happen to me?if the bank stops paying the monthly loan for my maintenance.won't i be shattered with no income to live and also no home to live?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Nov 10, 2010 11:03 pm    Post subject: Like 0 Dislike 0 Hi xandhya! Welcome to forums! You can use a reverse mortgage in order to purchase primary home for yourself. As you'll be taking out a reverse mortgage, you won't be liable for paying off the mortgage dues to the lender. After your death, the lender will sell off your property to recover his dues or your heirs will have to refinance it into a conventional loan and pay off the dues. Feel free to ask if you've further queries. Sussane

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