By Vishaal B. Bhuyan
AARP electronic versions give you sensible assistance, confirmed options, and specialist tips.
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Additional resources for AARP Reverse Mortgages and Linked Securities. The Complete Guide to Risk, Pricing, and Regulation
As opposed to traditional mortgages, there is no obligation to repay a reverse mortgage loan until the borrower passes away or no longer uses the home as a primary place of residence. Upon the death of the borrower(s), sale of the home, or breech of contract, the loan plus interest and fees must be repaid by the sale of the home. It is up to the reverse mortgage lender to sell the home at the time of the borrower’s death, as the lender is the rightful owner of the residence at that time. If at the time of loan expiration (death, or sale) the sale price of the home exceeds the loan amount extended to the senior, the senior (if still living) or his or her heirs (if the senior has passed away) will receive the difference in value.
BHUYAN’S FINAL POINTS • The reverse mortgage product is not a new financial instrument; it has been in existence for more than 30 years. • Despite their long history, reverse mortgages have experienced limited consumer acceptance. • New products need to be developed to pique the interest of seniors and financial institution. These products must both be fee friendly for seniors, and accurately reflect the longevity risk for institutional investors. • The post-credit crisis economy has set the stage for a reverse mortgage rebirth.
Popular, however, is a relative term. Prognostications that reverse mortgages would become a popular and common financial planning tool by the year 2000, and certainly by 2010, were optimistic. In fact, Reverse Mortgage Insights, Inc. net) has calculated that in 2009, reverse mortgages had tapped into only 2 percent of the total possible market. This lack of product acceptance has deep roots seeded in the Great Depression and nurtured by reports of fraud, abuse, and the lack of broad education about reverse mortgages.