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The Water Cooler
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Reverse Mortgages
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<blockquote data-quote="MaddSkillz" data-source="post: 1328463" data-attributes="member: 1159"><p>No, it's insured by the FHA. The borrower, nor the heirs cannot be held responsible if an upside down situation were to occur. </p><p></p><p>Say a home appraised for $100k... A RM will give the senior $70k based on their age. Let's say they spend all the $70k and 15 years later they're gone, the home depreciates to $75k but the RM grew to $85k. That's $10k upside down. The FHA insurance (which is one of the fees at the onset of the RM) makes up for it.</p></blockquote><p></p>
[QUOTE="MaddSkillz, post: 1328463, member: 1159"] No, it's insured by the FHA. The borrower, nor the heirs cannot be held responsible if an upside down situation were to occur. Say a home appraised for $100k... A RM will give the senior $70k based on their age. Let's say they spend all the $70k and 15 years later they're gone, the home depreciates to $75k but the RM grew to $85k. That's $10k upside down. The FHA insurance (which is one of the fees at the onset of the RM) makes up for it. [/QUOTE]
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