When you return home, you’ll find a letter demanding the loan be repaid. Seniors who don’t have the ready cash are often forced to sell their homes. It has happened.
Absolute pure, unadulterated bullshit.
That statement is as dumb as anything that biden has ever said.
I will bet you TWO HUNDRED DOLLARS, to be paid to FR that you cannot provide a single documented piece of evidence that a person that was in the hospital for six weeks {that is more than a month} ever were forced to sell their homes.
You don't even have the slightest concept of how the reverse mortgage works.
The mortgage company pays the individual a monthly amount for the length of the mortgage, even if you are in the hospital.
There are stipulations, you must pay the taxes and the insurance and keep the house in good repair.
I have had a reverse mortgage for over 10 years, the checks come in every month {no taxes on the money} and they pay even when I'm at my son's lake house for two months in the summer.
Take the bet. It has NEVER happened.
I would very much like to continue this conversation. Perhaps I would learn something. But I’m not a big fan of the vulgarity or the personal attacks.
So I believe I’ll pass.
I decided to overlook the vulgarity, and do some research. When reverse mortgages first came out, the lender set the rules for when the loan became due. So a loan could come due when the borrower was away from his house for a month. That’s what I was familiar with.
HUD has since stepped in. Now: The loan comes due when you’ve been away for 6 months for a non-medical reason or for 12 months for a medical reason.
And that’s one nice thing about Free Republic. Sometimes folks have wrong or outdated ideas. That’s me in this case. Then usually someone else will come along with a correction, and hopefully a polite one.