Forums

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
View Single Post
 
Old 03-08-2021, 11:50 AM
manaboutown's Avatar
manaboutown manaboutown is offline
Sage
Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 6,134
Thanks: 7,563
Thanked 3,132 Times in 1,122 Posts
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
 
You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 06:01 PM.