Does the Kansas Reverse Mortgage Lender Own My Home?
The borrower retains title to the property.
The Kansas reverse mortgage lender is merely extending a loan to the borrower.
Because the homeowners retain title, they remain responsible for the payment of property taxes, hazard insurance, and maintaining the home in reasonable condition - just as they would with a standard first mortgage or home equity loan.
More Kansas Reverse Mortgage Loan Information:
What are the Advantages of a Kansas Reverse Mortgage? | How is a Kansas Reverse Mortgage like a Home Equity Loan? How is it different? | Does the Kansas Reverse Mortgage Lender Own My Home? | Can I refinance My Kansas Reverse Mortgage? | Are there any limits on how I use the money I receive from a Kansas reverse mortgage?