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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:
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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