We paid off our Home Mortgage many years ago by paying a lot extra toward reducing the principal. Our 30-year note was paid off in 12 years. This was all accomplished during my retirement. Just out of curiosity; could I take out a Reverse Mortgage on a property that has no mortgage against it? Hal
I think that you can do that. Basically, it is like taking out any other mortgage except that instead of making monthly payments , you can either get a lump sum or get it like an annuity, in monthly payments. You can either pay it back, or if you don’t, then when you die, they repossess your home. I had a friend that did that in Washington state. After her husband died, she was still able to live there until she died, and then the lender took her home. She had remarried, and the new husband had something like 1-2 months to move out of the house after his wife died.
Sorry I was too hasty. I found this which seems to mean you can. You can put in all info and await the clamor as they try to get you. https://libertyreversemortgage.com/...ge&utm_content=Calculator - Phrase - Standard
It's a little bit like someone paying you to let them take out a life insurance policy on your life, payable to them, I think. Their payoff comes when you die.
If I was desperate had no heirs and knew when I was going to die,then yeah. None of those fit me right now so I will pass.