I am a Reverse Mortgage Specialist with M and T Bank. I was really disappointed to hear your "expert " say that a senior has to own the home free and clear to get a Reverse Mortgage., Most of my clients do this because they are paying off their mortgage -they need to do this or many of them will lose their home. Also, theyDO NOT have to take the money montly, there are several options and this option only applies to the fixed rate Reverse Mortgage. There are lines of Credit (hecm) and for these lines, the customer can access the line as they wish. Please, please have an expert on when you're discussing specific topics. Now I have to wonder how much I hear that I should believe because this is a product I know really well.
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