Imagine this – you've purchased your new home, unpacked the moving boxes, and have finally started to settle in, only to receive an angry phone call a few days later from someone claiming to be the property's rightful owner. It turns out that the seller was a fraud using forged papers to sell a home that wasn't theirs! The worst part? Legally, the home doesn't belong to you, either. The tragedy!
Reverse mortgage is a special program for senior citizens in America. It provides them a solution for their retirement plan, medical care, etc. The borrower does not need to pay monthly instalments to the lender; instead the lender will pay the monthly instalments to the borrower. There are no restrictions on how to use this money.