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Old 03-09-2021, 07:06 AM
joseppe joseppe is offline
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Join Date: May 2018
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Originally Posted by manaboutown View Post
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!
Isn't the same true of a regular mortgage? If you are underinsured and can't rebuild you'd still owe the mortgage wouldn't you? A RM is still just a mortgage. If you loose the collateral the debt could become due and payable with any mortgage or collateral based loan.
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