BANK CANNOT TAKE THE HOUSE
With a reverse mortgage, the borrower retains title throughout the life of the reverse mortgage. Borrower cannot be forced out of the home as long as the property taxes and insurance are paid.
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BORROWER CANNOT OWE MORE THAN THE HOME VALUE
Due to built-in safeguards, the borrower or his estate can never owe more than the value of the home upon repayment. In addition, the HECM product are insured by the Federal Housing Administration.
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