One of my uncles took one out. Both son's have passed away and daughter told him she didn't want the house and 3 or 4 acres that goes with it.
He took the money, bought a new truck and traveled. He's made trips all over the continental US and went to Alaska. Been doing this for the last 10 years or so. Still lives in the house and all is fine. According to him, when he passes away, his daughter will have 2 options. One, pay the company back their money and the place is hers, or two, let the company have the place.
It's working for him, but he's the only person I know that has gone that route. I might add that he didn't owe and hasn't owed anything on the house for 40 years or more. That might make a difference, I dont know.
the bank is not entitled to more than what is owed to them......even if they sell it. good for your uncle...bob
