Bank of america?

Question

what is the senior equity reverse mortgage plan? what does it do?

Answer 1

I'm not an expert on the bofa reverse mortgage itself, but basically it's obviously for "seniors" and generally when one thinks of a mortgage it's you paying the bank and eventually you get your home free and clear...well reverse the rolls, the bank pays the senior/s they live in the home...and eventually the bank owns your home, or when death occurs they are the primary on the home...the technicalities of it are very intricate and individual for each lender of this mortgage type...it's a good plan for some people who really have nothing to live on that are too old to work but don't have enough...but it really screws everyone else over in the process...but hey you gotta live, you gotta live...hope this answers your question as to the basics.