Mortgage Blog

HECM Reverse Mortgage - Understanding the Treatment of Mortgage Debt

Is mortgage debt eliminated when you get a Reverse Mortgage?  Some would venture to say the debt is eliminated, however, this is misleading and causes significant confusion and lack of understanding with the program. This concept appears too good to be true and before people figure out the disposition of the debt they often give up on learning about the program often resulting in lost opportunity.With a Reverse Mortgage your debt is not eliminated.  If you currently have a forward mortgage or traditional home equity line they represent individual deeds of trusts that are paid off whe...

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June 7th, 2017 | HECM Reverse Mortgage, Traditional Mortgage, mortgage debt, HECM Reverse Mortgage - Understanding the Treatment of Mortgage Debt