Two things…… there are better ways of getting equity out of your houseSo, I didn't really look into these things until @Blueone had a mini-stroke about them. I don't know what company Tom Selleck rep'd but it seems that you still own the home just like a regular mortgage. You can sell and keep the difference between the selling price and mortgage balance. This is from AAG
a borrower can sell a home with a reverse mortgage at any time they choose, just like a traditional mortgage. When a borrower sells their home, they must repay the reverse mortgage loan balance and their lender will close their account. Borrowers then keep the remaining equity.
I don't get all the hubbub.
second Tom uses his fame to appeal to older people and dupe them……for that he is a scum bag
typically you get half your equity…. When I went trough the application years ago to figure this out with Phuck Toms company my house was worth $600k…. Paid off…. They were giving me $250k ……to pay back the loan if you sold was just under $400k… why would you do that?….. if you die they get the house….. I sold that house a few months ago for $900k….. so if I was stupid they would have bought the thing for $250k…… this was probably 6 years ago when I really hated Tom