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WY, OK | Well it would make your home judgement proof for one. On the tax rolls the bank will put a claim 1.5X the value on the house to keep away claims.
If you have no heirs or don't care about heirs it is a way to use up all the home equity while you are alive and still not be kicked out of the house.
Any heir can settle the outstanding balance when "you" die and own the property.
I don't know why, probably because they listen to the uninformed such as this thread that don't understand them and therefor they are bad. | |
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Reverse Mortgage- why do one?
