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Updated about 6 years ago,
Reverse Mortgage Statement has me perplexed???
I'm trying to put a property under contract that the owner has a reverse mortgage on. The owner is not much help on how to decipher the statement so I'm hoping someone in BPland can help. I see the box to the left which is the loan and a box to the right of that which is a credit line. Does the credit line pay the mortgage payment? Is the total amount of payoff per this statement $116K? or is that in addition to the $53K "current line of credit loan balance?" If the total is 116K I'm golden but adding a credit line payoff kills this deal. What is even more confusing is the -10K "current principal limit and current line of credit." Why so cryptic? Can someone please dumb this down for me? Thanks!