gunsmith11
Member
keep getting stuff in the mail about it, so for the last hour or so, have been online researching,,,doesnt seem like a good deal to me, but does anyone have a personal experience they would like to share
reverse mortgage
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gunsmith11
Member
keep getting stuff in the mail about it, so for the last hour or so, have been online researching,,,doesnt seem like a good deal to me, but does anyone have a personal experience they would like to share
tomf52
Member
LAst resort only
A reverse mortgage gives you the equity in your house now. You'll pay back with interest, unless you die. Then your house gets sold and your family gets whats left, if anything. In a nutshell. Joe
Capt Steve
US Veteran
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Reverse mortgages come with excessive loan fees. They work for a few folks depending on their situation - cash poor home equity rich with a serious and immediate need of cash flow being one example. As a product they are very expensive and once you are in, there isn't much chance of just paying it off and going back to square one.
badam0112
Member
Government backed.....now there is a resounding endorsement if I have ever heard one?
m657
Member
What it costs to get what they give you....THAT'S the downside....
They deal themselves a pretty big bite for the pleasure of giving you less for your place than you could get on your own....even in today's environment.
canoesota
Member
I wonder what happens if you go into a nursing home?
Bandersnatch
Member
The bank sells the property and you get what's left.
Unless you can pay it off.
Ask yourself this. "Why would a bank give you cash to let you live in your own home?"
There's got to be a reason why they're willing to do it. I can guarantee you it's not out of generosity or kindness.
badam0112
Member
TNDixieGirl
Member
From all I've read about it, I wouldn't do it nor would I recommend any loved ones do it.
nick9
Member
+1
feralmerril
Absent Comrade
My best friend is going through it right now! His father died first. Right after that he got his mother to put her house on a reverse mortgage. She only lived about three months! As we speak, he is jumping through hoops paying off what she got and listing the house. There must be different types of reverse mortgages as it doesnt seem to be going as I was given to understand. Seems they did it in a way that it cost them about $25,000 off the top, then she got a lump that she was getting X amount for a month for the three months. I thought it a bad move when he set it up. The house is in palm springs california and dropped a lot of value before he set up the deal, and dropped a lot more in the three months! Were it me I would rent it out untill values rise, but he doesnt want the hassle. In the end of the matter it sounds like the house will sell for less than half of what they would have sold it for 2 or 3 years ago, and on top of that, costing about another $25,000 of fees for the three or four months that she drew on it!
Jerry N.
Member
Robert Wagner is hawking them in an infomercial. When financial instruments are hawked by old celebrities, all I can say is look out. If that ain't a red flag I don't know what is.
Hermann
Member
Banks:
They offer to "help" only when you don´t need any.
Otherwise they just want to make money of you (Bloodsuckers!)
They offer to "help" only when you don´t need any.
Otherwise they just want to make money of you (Bloodsuckers!)
