Over the next few weeks we'll take a closer look at Reverse Mortgages and share some valuable insight from Reverse Mortgage Consultant, Mike Poole with TowneBank Mortgage.
The total amount you will owe depends upon the total amount of all cash advances and the interest on those cash advances
However, the amount will never be more than the value of the home at the time the loan is repaid. It does not matter how long you live or if your home depreciates, you will never owe more than the house is worth.
*Please consult your tax advisor regarding tax implications.