Just because you are over 65 and you have equity in your home, is a reverse mortgage better than a normal mortgage? What are the benefits to doing a reverse mortgage?
Does the bank actually own the home if you do decide to go with a reverse mortgage? So you only receive up to 65% of the value of the equity in your home as of the time that you sign for the rev. mortgage? If you live fifteen more years and your home appreciates another 500,000 what happens to that equity?
i would speak to the heirs about this.
reverse mortgage PAYS YOU EVERY single month for the rest of your life. you get to live in the home and not have to worry about making a mortgage payment.
they take the equity of your house…and pay you
your heirs can buy back the home after you pass away.
on a regular mortgage YOU have to pay the mortgage..