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>> They can provide some extra income to people that own their homes; however, there are many negative results of getting a reverse mortgage, all of them in favor of the bank.
@Retired_Engineer: Anyone getting one is basically spending their kid's inheritance while they are still living. To some that's an issue, to others, it isn't. Just have to determine what's right for you and your family.
@donnatella: Years ago my in laws asked if they could leave everything to us since my DH is an only child by his mother and his step father has other children they don't have contact with. Does anyone know, now that we are in the will am I responsible for any debt or anything they incur since they did a reverse mortgage on their house? I won't have to pay for any of that will I? I am not familiar with it. I just know my father in law loves to spend money and have debt and I don't want to be responsible for all that. I have enough of my own to worry about.
@dotti573: The Estate is responsible. Who is the executor? The house has to be sold and the loan paid off with all the interest, because with a reserve mortgage you make no payments. Also all debts must be paid, up to how much money the estate has. As a heir of the will you are not individually responsible for the estates debt.OH! just wanted to mention don't ever do a reverse mortgage! Ya kind of telling your loved ones, ** we don't care what mess we're/I'm leaving you to deal with..............
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