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Thanks so much for the clarification! This was a good post and it offered some great insight on the ownership issue of reverse mortgages.

I apprecaite your feedback.

Bert Copple

I saw your name on Googling Michigan Reverse web sites and I appreciate your efforts in educating of Seniors. I am a very involved representing a major investor of Reverse Mortgages in the Midwest area and have originated mortgages for over 30 years.

The sensitive word “ownership” often comes up in the discussion of reverse mortgagees and I must correct your comment on this. Ownership means who is in title and who has the equity interest in the property. The lender on all mortgages be it reverse or regular payment mortgages only has lien to the extent of amount the borrower owes with interest. The borrower with title, has the ownership and the equity interest less what is owed against the title. The senior group of borrowers entitled to the reverse mortgage must be reassured that they have and will always remain in title and are entitled to any remaining equity as long as they live in the property. If they pass away, the estate has a period of time with extensions to that period, to satisfy the lien through sale or refinance owing on the reverse mortgage. If the original borrower decides to sell, the lien as in any mortgage will at the time of sale, need to be satisfied or paid off with all interest owing.

Please let your readers know that ownership interest stays with the borrower as in any mortgage program.

Thank you,

Harvey Faust
Sun West Mortgage
Midwest Regional Reverse Mortgage Specialist

For more about this, see the article at http://www.southtexasreversemortgage.com/Articles_Archive.php.

I’m not sure if you write reverse mortgages, but as we best understand it, the bank does in fact take over ownership of the home. This is not a bad thing, afterall the purpose of doing a reverse mortgage is to use the equity so that the senior can enjoy the golden years of their life, but as they spend their equity, they are relinquishing their ownership of the home once the are longer living within the home.

This post was by no means an exhaustive look into the reverse mortage industry. There are many resources out there, including the post that will soon follow of th top ten questions about reverse mortages.

The artuicle was to show that reverse mortages are a viable means to accessing cash so that seniors can continue living in their home opposed to a assisted or independent living facility.

Thanks for the feedback!

As with a conventional mortgage when you sell the property, the mortgage loan is paid with the proceeds from the funds generated from the sale and the owner retains the balance for himself (or heirs).

The comment that “the mortgage company essentially owns your home” is unfounded and does a disservice to your readers who are trying to understand reverse mortgages.