No. You can never owe more than what your home is worth. What’s more, since the reverse mortgage is what is known as a “non-recourse” loan, the lender cannot seek repayment from your income, your other assets, or your estate. In other words, the house stands for the debt.
Tim Gristy, Financial Advisor
Gristy Financial Services, Inc.
Lubbock, TX 79423
Phone: (800) 799-4255
Fax: (806) 793-7936
Things to Help You
1.) Call 1 (800) 799-4255 or E-Mail Us.
We will send you our "best in the business" consumer guide to reverse mortgages. You will appreciate how simple and understandable we make reverse mortgages.
2.) 24 Hour "Educator Hotline
1 (800) 532-9318
Call our 24 hour hotline and learn the following:
- What is a Reverse Mortgage...in plain English
- Myths about Reverse Mortgages
- How much can you get from a Reverse Mortgage
- Advantages (and disadvantages) versus a regular home equity loan
- Differences between lenders - How to choose
- Who should not do a Reverse Mortgage
- Too good to be true?