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otraque

03/23/06 3:48 PM

#10142 RE: Bullwinkle #10141

a question. We know the market of the elderly going into reverse mortgages to finance their retirement has been escalating, the question is, when an owner signs a contract of a reverse mortgage is this counted as the sale of an existing home??
I ask, because reverse mortgages are actually contracts of sale---the payee of the reverse mortgage is buying the property they have transacted with.