My goal is to be as accurate as possible. Thus, there are minor modifications to the video presentation above…
1) I said 2% appreciation when I meant to say 2% per year (approx at the 12:30 mark). . 2) A reverse mortgage generally does not show on your credit report because there is no required payment. If you exercise the deed in lieu option, it may show up on your credit as a deed in lieu of foreclosure. This may impact your credit score. This option is usually used when the last homeowner passes. If you want to sell your home and you know you are “underwater” you can always call your servicer to see if any other options exist. 3) All numbers used are estimates and for education purposes only. Each person has their own specific scenarios and poor credit history can adversely affect the examples shown.
Want to learn more? See below.
The Reverse Mortgage Line of Credit. How does it work? What are the benefits?
Learn the benefits of the Reverse Mortgage Line of credit