Truths And Myths
The bank will take my house.... FALSE... The deed and title of the property will always stay with you and your surviving spouse.
My heirs will be left with a large debt if the property value declines or if I live for many years and the debt becomes larger than the value of the property.... FALSE... Your heirs will NEVER have to pay back more than the value of the property. This is a Non-Recourse loan, meaning the bank must accept the value of the property when the debt is being settled. After the loan is repaid, all remaining equity stays with the heirs.