As part of NBC’s Money911 segment on Wednesday, a caller asked about reverse mortgages and whether her mother should obtain one.
The woman asks:
Well, I’m trying to help my mother decide whether or not to take out a reverse mortgage on her home. She meets all of the qualifications. So my questions are what happens if she outlives the money from the reverse mortgage, or if she dies, is my family responsible for paying back the amount? And also, who owns the home at that point?
David Bach, the Founder of finishrich.com takes the question and plugs the new HECM Saver. The product was released in October as a way for borrowers to borrower less money at a lower cost compared to the HECM standard. Want to see what he says? Check out the video below.
Thanks to Josh for the tip!