what happens if I live longer that 15 years

If you would like me to help you answer all your questions regarding a reverse mortgage, please email me or give me a call.Shelley DoddSacramento Reverse MortgageLoan Specialist916-595-1177shelldodd@sacmtg.net

The short answer is nothing. Even though they determine how much they will give you on a reverse mortgage based on your age and property value, if you happen to "out live" their expectations, that's a risk they have calculated into the loan qualifying standards; the loan still only comes due upon death. I suppose the biggest concern would be if you're depending upon monthly draws to continue living. If this is your concern, then you should speak to your HUD counselor and loan officer about this to determine if you have any other options. You may even want to speak with a financial advisor/planner to determine what options you have for "stretching" your money farther. I hope this helps.