3 dangers of reverse mortgages


	3 dangers of reverse mortgages

dsofwi

4-25-2008 7:23 PM

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/493a7519-5f43-41fc-ab39-6623012911ef/9C5BCFD9-63C6-498E-B436-E310D274AD10/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.californiachronicle.com/articles/57919" href="http://www.californiachronicle.com/articles/57919" style="font-size: 11px;">www.californiachronicle.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.californiachronicle.com/articles/57919"><SPAN class="bodytext"><STRONG>1)  Repayment and Forfeiture</STRONG> – Most, if not  all reverse mortgages will not require you to make payments or repay the loan  for as long as you live. Once you pass on your heirs will have the opportunity  to remortgage the debt or sell the house and repay the loan. If the home has  equity above the amount owed to the bank your heirs will receive those  proceeds. If the home is “upside down” your heirs have no obligation to repay  the debt, but they will forfeit the home unless they pay the amount owed.</SPAN></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/9C5BCFD9-63C6-498E-B436-E310D274AD10/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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