Moving

You must be living in your home to qualify for and keep your Reverse Mortgage.

What happens if I want to move or have move into an assisted living appartment?

The same thing that would probably happen if you had a traditional mortgage. Your family would help move you. They would contact the lender to tell them that you had moved. Either you or your family would decide whether to sell the home or refinance it (if they wanted to keep it) or pay off the mortgage from other means. At that point, theyd tell the lender their intent. The lender would then give them time in which to accomplish this. As long as there are open communications with the lender, they are fine.

When the home is sold or rerfinanced, the balance plus accrued interest and fees are paid off through the proceeds. Any equity left in the home would go to you or your heirs.

I hope that answered your question. I am a Reverse Mortgage Specialist employed directly with Financial Freedom. I would be happy to answer any other questions you might have.

Please feel free to respond here, email me or phone me at:

tfield @ financialfreedom.com
877-632-7890

Tam :)