[manaboutown]

Originally Posted by John_W

I have a reverse mortgage for 3 years through Citizens Bank. The only way you can be forced out is if you fail to pay your taxes and insurance. They asked me the second year to send them a fax of my insurance, that's the only contact I have with the bank in 3 years.

The only other way is if you no longer live fulltime in the home, they will force you to sell the home. After the home is sold and they pay off the amount you have taken, plus initial closing costs, in my case $9,000 and interest, in my case about $200 a month. Right now I would owe them about $65,000, I took a $50,000 draw in the beginning.

If you own your home, you have a lot of equity that is going to waste if you never plan to resell, which in my case I don't plan on moving again since I've been in this home ten years. If I were to sell the home, we would pay back the bank $65,000 and the rest would be ours, and this is for receiving $50,000 three years ago.

John, I hope and pray it works out well for you and your wife. Each case is different and from reading your prior posts explaining your rather unique personal situation and well thought out rational I can understand why you chose the path you took after you and your wife educated yourselves thoroughly prior to taking out an RM.

BTW I always enjoy your thoughtful helpful posts and the incredible photographs many contain.