All Reverse Mortgage Benefits (outdated)

[eriksj76]

WRONG. This is disclosed to borrowers during the loan process. Reality check. If you get a reverse mortgage, and become debt free.. and have tax free income.. and you go into bankruptcy? You are a moron.  If after 62 years, you make that mistake.. you shouldn't be alive anymore. There is no reason that you should go into bankruptcy AFTER an RM.

[Millardray]

Dooms Day Scenario - HUD regulations compell lenders to "call" the loan if, after you have the reverse mortgage, you fall into bankruptcy. So your property is no longer protected under your state's bankruptcy laws. So be careful if y ou have financial problems because neither nor the counsellors warn you about that BEFORE you take the reverse mtg.