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Old 03-08-2021, 11:50 AM
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manaboutown manaboutown is offline
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Default Reverse mortgages, sinkholes or lightning losses...what happens?

According to Wade Pfau, a natural disaster (such as a sinkhole or a lightning strike) could cause a reverse mortgage to become due and payable.

On page 132, of his book, "Reverse Mortgages, 2nd edition", Wade addresses dealing with natural disasters:

"However, the loan balance could become due and payable if one has insufficient insurance to rebuild or decides to move to a new location because it is impossible to rebuild on the same property."

Now that is a scary scenario given the sinkhole and lightning events that occur within The Vilages!
"No one is more hated than he who speaks the truth." Plato

“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
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