Question by lran_vt: How are the consumers who signed and received reverse mortgages making out in this time of economic downturn?
None of the news articles are addressing this problem. And my friends wont tell me how they are making out financially.
Just curious.
Best answer:
Answer by shippywoman
They don’t have a change and are still spending down equity.
What do you think? Answer below!
One Comment
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It’s not a problem.
Those homes are/have been paid in full.
They are drawing a “maximum percentage” of the value.
I do not know how that may change if the total value of the home declines, but feel sure that the lenders are protected.
I don’t think they will permit payments to exceed any current market value, even if the amount paid in is more than the value.