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Reverse Mortgages are not a Federal Program. They can be underwritten by the Feds, they are regulated by the Feds, but they are just financial institutions (investors) loaning money. They make money on the fact they loan less than your place is worth and when you die they get to sell it. (there are several different ways this done I am just be generic). Some are lump sum payments, others are payed out each month like an annuity.
At whatever reason for doing a RM, I would be extremely leery of the ones advertised by old out of work actors on TV.
Talk to your bank about them. I am sure they have good information.
At whatever reason for doing a RM, I would be extremely leery of the ones advertised by old out of work actors on TV.
Talk to your bank about them. I am sure they have good information.
