Reverse Mortgage Note and Trust Deed

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Reverse Mortgage Note and Trust Deed rick wintomac 12-05-2007
Posted by rick wintomac on December 5, 2007, 6:33 am My lender gave me the docs for my HECM Reverse Mortgage. Everything looked ok except that the Trust Deed has a principal amount that is 1.5 times the amount of the appraised value of the property, instead of the sum of the advance. (The principal amount is not explicitly on the Note or the Loan agreement, either). Is this normal? I have a very small retirement. If I move from the home down the road, I don't want to find out that the balance started at the higher amount and went up from there. Similar Threads Posted Reverse mortgage math? November 17, 2008, 2:50 pm ABC Trust November 16, 2006, 4:58 am U.S. Trust Companies March 28, 2008, 7:22 pm Revocable Trust April 27, 2008, 12:45 pm Estate Tax A/B Trust Question January 12, 2007, 4:59 am Reverse dollar cost averaging? April 5, 2007, 7:48 am When do most pay off their mortgage? January 19, 2007, 2:26 pm mortgage March 11, 2008, 4:05 pm Should I put my money in mortgage? December 28, 2006, 8:38 am Mortgage for investment outside US January 8, 2007, 3:51 pm