Direct talk about Reverse Mortgage

Kandy
I never fully understood the rveerse mortgage I mean like do you get thrown out after all the money has been used up? And in these poor economic times is the cost of the house judged on the lower amount that homes are selling for now, or if the agreement once was for the higher amount is it now adjusted downward? I had a friend who insisted that his father get one of those rveerse mortgages. His dad had to pay some kind of fee to have it done, and then after it began the people who held the rveerse mortgage rejected it and he's now up in the air as to who he should be paying for the house and how he will get the extra money to pay back the last few payments that he got money for and spent that money ..so my resposne to you is I think rveerse mortgages stink.I don't think a rveerse mortgage has anything to do with how long you live. If you run out of money from the paydown then I guess you just go to live with your kids because you would have gotten a rveerse mortgage because you were in need of money (right?) so when the money runs out from the rveerse mortgage the till is dry so you have to get help elsewhere.

Maria
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Flook
They can be very good or very bad. You can opt for a monthly check but I would never ssguegt that. You are better off taking a line of credit to use when needed. The bank pays off your current mortgage and you never make any payments back. Money is not due on the mortgage until you die, sell the home or move out for more than 12 months. Be aware you will be accumulating a monthly handling charge and that the interest rates are not very low and that the cost for initiating the mortgage will all be added into the final cost tobe payed back. You will never outlive your loan since they only give you about 80% of the value of your home. A lot of seniors take the whole sum and lose some of their benefits which are based on assets and income and others end up giving the money to children or blowing it on junk. If you are low income and need cash to pay your home taxes, home insurance, premium on long term care insurance, needed repairs to the home inclusing accesibility ones or pay for additional services to remain at home rather than in a nursing home, this type of mortgage can be very helpful. They are great for some situations but not good for all. Be sure that you go with one of the top three companies like Wells Fargo, Met Life or Financial Freedom and have family and friends be with you during all the discussions and paperwork.

Peter Harper
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