Ok....I've got a good one for those of you Much more experienced people about mortgages than I'll ever be.
We all know the economy is going straight to Hell.............With no viable means to pay off the National debt it's only a matter of time before a financial disaster totally destroys what was once....A vibrant economy.
I have a question that I would very much like YOUR opinion on:Reverse mortgages.
Unfortunately for me and my wife....we are in a situation along with 10's of millions of americans, where we owe a considerable amount of money on our home.
We are in our 60's and 70's respectively and live entirely off pensions from our state jobs,VA. and soc.sec.
Since reverse mortgages are a federal program....I can only assume that the program,like soc.sec has to remain in place....again,I'm making an assumption here.
Should my wife and I qualify for a reverse mortgage.....and a financial collapse does occur(I personally feel a collapse is iminent)
How would this Federal program be effected?
