gunsmith11
Member
Just wondering if any forum members have a reverse mortgage, pros and cons
Reverse Morgage
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oldRoger
US Veteran
I would go to www. Clarkhoward.com and do a search lots of info there.
Here is the Florida (state) site
http://www.reversemortgageguides.or...rse_mortgage?gclid=CMn8qZO1mZsCFRI7xwodLTdztg
It may be an answer for some particular circumstances, crooks abound though. I briefly considered it and decided not for us.
The amount you get is going to be greatly influenced by your local housing market.
Here is the Florida (state) site
http://www.reversemortgageguides.or...rse_mortgage?gclid=CMn8qZO1mZsCFRI7xwodLTdztg
It may be an answer for some particular circumstances, crooks abound though. I briefly considered it and decided not for us.
The amount you get is going to be greatly influenced by your local housing market.
feralmerril
Absent Comrade
If there ever was a bad time to get one, this must be it, with the houseing prices down all over the country. I imagine there is unique cases where it is okay, especialy if no heirs are considered. Over all, I dont like them. I have a close friend that had his mother get one last fall, and she only collected about two months and died! He ended up paying a pile of money and selling the house. He seemed happy about it, but I am not convinced and I wouldnt have been. Sounded like those two checks cost him about at least $25,000 to me! I know cleaning up the details after his mother died gave him fits with surprises that he didnt at first understand. I think he was happy to get the money, but I think I could see where one hell of a lot of potential money was lost! I think she got the reverse mortgage when the house already had lost half its earlier value, and then he sold it as it was hitting rock bottom! We are talking about the house at palm springs! If it was me, I would have kept the house, rent it, and wait for the value to raise back up, but he didnt want the hassel. He is happy, I wouldnt be. I thought we had a thread like this about two months ago.
Be extremely careful of these things. An elderly gentleman here did a reverse mortgage on his house. His wife got very sick and had an extended stay in the nursing home. Since they lived out in the boonies he had a hard time driving back and forth so he just rented a small apartment in town so he didn't have to drive everyday. He still went out to the house once or twice a week to check on things and had every intention of going back home once his wife recovered. Bank got wind of his "second home" and they took his house. Somewhere in the fine print was a clause saying if you moved away from your house it becomes the banks.
So this old gentleman lost his house and his wife within a week or two of each other. He did get a lawyer but apparently the contract was airtight. I'm not sure of the bank but was a national bank not a local one or the outcome would have probably been different.
So this old gentleman lost his house and his wife within a week or two of each other. He did get a lawyer but apparently the contract was airtight. I'm not sure of the bank but was a national bank not a local one or the outcome would have probably been different.
