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What would a Bank win from a Reverse Mortgage?

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howard_two

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I don't get it...Banks say they're not in the real estate business, and they are not. Yet they are offering reverse mortgages to senior citizens. The moral behind this mortgage is that people get paid a certain amount of money per month until one of two things happen:

1. The homeowners die (which the bank hopes would happen soon enough so that it can take over their homes for peanuts) OR
2. The equity in their home runs out, in which case they get to stay in their homes until they die, and then the bank takes over the house.

But isn't this what banks always try to avoid: HOLDING REAL ESTATE, that now they have to sell. I know they're must be something behind this? How do they make their money?

Thanks,

Howard :smx6:
 
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Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.

With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.

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  • Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.

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