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 » Direct talk about Reverse Mortgage

Direct talk about Reverse Mortgage

Topic: Mortgage

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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.
read more... 05/04/2012

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