You are dead wrong....all Reverse Mortgages are loans...the bank owns nothing. The homeowners have title to the property...They are no different than a conventional mortgage....you can pay them off anytime you choose.
Get your facts straight before you mis inform fellow FREEPERS... I have originated 100's of RM's and know what I'm talking about
Also let me add that Government Insured RM’s are insured that the homeowner of the beneficiary’s can never owe more than the home is worth. There is an abundance of information available on the internet about Reverse Mortgages, but it’s clear that a bunch of posters on this thread haven’t taken time to educate themselves and make patently untrue statements....
That’s interesting. Question: is it a “loan” if you never have to pay it back, or is it a partial equity transfer masquerading as a loan, and backed up by the Federal government (i.e. - us taxpayers) in the case of default. Just curious.