Is it legal to withdraw credit line from reverse mortgage if you have to walk away?
June 4, 2010 by
Filed under reverse mortgage
We have non recourse reverse mortgage and
we have to move out period. we want to use the
credit line to pay off credit card debit. Also if it is
a non recourse loan can their be a foreclosure.
We have excellent credit but now moving is
inevitable.
ironic nick name
goldy locks
a reverse mortgage is money that goes to YOU every mo for
20 or more often 30 yrs. IT is repaid in a lump sum at the end
of the note.
U have to move out–you did not say why. Actually, it does not
matter. It does not matter who lives in the liened home.
u can use the reverse mortgage cash for ANY purpose.
naturally, the lender will foreclose on the house-he is not giving
away money; the house is his collateral. But remember, that
note is not due for years; unless u have a very unusual one
that has a due date in less than 15 yrs.