PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: MulhollandDrive who wrote (8501)	11/4/1999 1:58:00 PM
From: Zoltan!	Read Replies (2) of 769670

>>In some cases Not really. Those must be bizarre cases where the owner doen't pay the taxes. - you will still own your home. A reverse mortgage is just a loan. If you sell your home, the loan is repaid and you or your heirs receive the leftover home equity. - If it turns out that the loan balance is greater than your home's net selling price, the government (or the lender such as Fannie Mae) makes up the difference. This is what "non-recourse" means. - loan advances to you are not taxable. They are disbursements of principal, not income. - the loan is not due on any specific date and there are no payments. You can live in your home as long as you wish without repaying the loan (you still own your home and must keep insurance and property taxes current.) reverseweb.com

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