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Health, I was asking, not stating. I don't know anything about Reverse Mortgages. But I figured someone's got to cough up the owed money. Vendors wouldn't offer these if they weren't going to get paid back some how. Well...ok.....that's a silly statement as the last mortgage fiasco points out they really weren't thinking things through.
InsurPro, you could go to the various mortgage brokers in your area and ask if they sell lists of Reverse Mortgages. Or, get in real well with some the brokers selling them and work out a referral system that you both benefit from.
OK, so, in the event the borrower dies, the estate has to pay back the loan. If the home has gone down in value and will not cover the loan and grandma doesn't have enough life insurance, what happens? Does that mean grandma's airlooms and everything else get auctioned off until the estate has nothing left, then the loan is satisfied? The descendants are off the hook unless they want the property?
InsurPro, you could go to the various mortgage brokers in your area and ask if they sell lists of Reverse Mortgages. Or, get in real well with some the brokers selling them and work out a referral system that you both benefit from.
OK, so, in the event the borrower dies, the estate has to pay back the loan. If the home has gone down in value and will not cover the loan and grandma doesn't have enough life insurance, what happens? Does that mean grandma's airlooms and everything else get auctioned off until the estate has nothing left, then the loan is satisfied? The descendants are off the hook unless they want the property?
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