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Home > As my home appreciates during the loan’s term,
who is entitled to that money?
As my home appreciates during the loan’s term, who is entitled to that money?
Under the FHA Home Equity Conversion Mortgage Program, you are required to pay back to the lender ONLY the outstanding balance of the loan.
All remaining equity in your home following repayment will go to you or, upon your passing, to your heirs or estate.
Is it possible for my loan balance to become greater than the value of my home?
No. You can never owe more than what your home is worth.
Further, the Reverse Mortgage is what is known as a “non-recourse” loan—so the lender cannot seek repayment from your income, your other assets, or your estate.
In other words, your home stands for the debt.
