They attain ownership of the equity owed back. For example, if you have a $300,000 house and get a reverse mortgage for $150,000, they now have a lien on the house for $150,000 of its value plus whatever interest is owed. Whatever is left after that goes to the beneficiaries, but they would be forced to sell or pay up due to the reverse mortgage’s lien on the home.
Or refi and pay off the bank
Anyone notice the $108,921 cost iteration for most of the amendments? ??