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Reverse Mortgage |
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I am in the process of getting a reverse mortgage. Just before closing, I was told I would have to prepare a statement saying I have no plans to sell my house because the house was on the market last year. Is this a legitimate requirement? I do not want to make a commitment of such, should things change and I may have to sell. |
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It sounds to me that is not a promise that you won't sell, but rather a simple statement of fact -- that you aren't planning it now. Probably you aren't, otherwise it'd be foolish to incur those closing costs (which will of course be added to the mortgage debt) and then give up the mortgage a short time later.
I think you can relax and sign. It's not a committment or a binding restriction. If you later changed your mind, you'd still be free to do so. |
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Edith
Originally published on January 31, 2008 |
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