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Does the bank own the house in a reverse mortgage?

April 26, 2017Bank House reverse mortgage

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Does the bank own the house in a reverse mortgage?

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A reverse mortgage does not mean that the homeowner is selling the home to the bank. Lenders add a lien onto the title for the amount that is borrowed where the homeowners keep the title on their name. By doing so the lender guarantees that the loan will be eventually getting paid back.