![]() ![]() You will not owe more than the value of your home.The reverse mortgage should actually REDUCE the fear that this will happen, as periodic draws from home equity should INCREASE a homeowner’s ability to pay property charges. That is true whether you have a reverse mortgage, forward mortgage, or no mortgage at all. If you stop paying your property taxes, you risk losing your home. However, it is possible for ANYONE who owns a home to lose it. Homeowners retain ownership of their homes throughout the life of the loan, and can choose to sell the home at any time without prepayment penalty. This may have been true for some reverse mortgages prior to 1989, but the government-insured reverse mortgage has never allowed the lender to hold title. However, this is still the most common misconception. ![]() The bank does not take your home now or when you die.
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