By far, the most common reverse mortgage misconception is that the bank takes the home (and all the equity) when the last homeowner passes away. This is absolutely not the case. It has never worked this way. The heirs inherit the home and they have a number of oo options. In this video, I explain what the options are and hopefully help to put this misconception to rest for good.
Unfortunately, during the video, I forgot to credit Dan Hultquist who is the creator of the graph that I use to help explain the options the heirs have. Dan is the author of the industry’s best book, called “Understanding Reverse 2019”. I highly recommend you read this book. You can also learn more by visiting his website at www.understandingreverse.com.
Thank you, Dan, for allowing me to use your graph and please accept my apology for not crediting you in the video itself.