Who owns the house in a reverse mortgage?
Mike Branson Jr. – Author
Mike Branson Jr. has 25 years of experience in the mortgage banking industry. He has devoted the past 19 years to reverse mortgages exclusively. Mike has worked in several aspects of the Mortgage industry, including Loan Origination, Underwriting, and Management.The reverse mortgage is a loan and like any other loan, the borrower still owns the property. The reverse mortgage just places a lien or loan against the property to secure the lender’s interest until the loan is repaid which can be done at any time the borrower chooses with no prepayment penalty or when the property is sold.
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