Under Water reverse mortgages – just heard on the Breakfast Flakes morning show in Lincoln Nebraska the answer to one of my lingering questions. The guest says that if a reverse mortgage gets “under water” – meaning the balance owed on the mortgage exceeds the value of the house, the FHA will “eat” the loss and not ask the estate for repayment.
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I don’t see the problem here. The feds have our back, and China and Japan have the fed’s back. What could possibly go wrong?