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! |
I wonder how cousin brucie would belittle you if you posted this on one of his many many threads.
thanks for sharing though |
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I find your (general) love/hate relationship with him amusing. You get angry that he posts, and then you go and dare him to reply. Make up your minds. I understand it is a sport for you, but you are more annoying than he is.
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To bring perspective, Wade Pafu is often touted as a Reverse Mortgage 'expert'. In fact he operate a financial services company which sells RMs annuities and other financial products. He is in a position to sell you what you need, but the annuities and RM salesman like to quote him to sell their products.
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