Did you know that if your over 65 (i think) and have a home that is paid for, you can apply for what is called a reverse mortgage. That is income paid back to you monthly from equity in your house. This is not an equity loan. This is something the government has set up for people that own their home. Monthly income. I believe it doesn't hurt any supplimental income you are currently receiving such as ssi or retirement... you need to check though with the reverse mortgage person.. I discovered this a while back, however much to my dismay, because we lived in a manufactured home that was made before 1972, this didn't apply to us. Just thought you would like to know if you have a relative that is older and having a hard time with their finances. This is a payback to them. Remember, this is called a REVERSE MORTGAGE...
2006-06-18 18:46:41 · 4 answers · asked by shortymaciam 3 in Business & Finance ➔ Renting & Real Estate
Thanks Shorty!
Actually there are 3 ways you can get the money. You can get it in a lump sum, monthly payments or a line of credit with a growth rate (currently around 7%). They are great programs that I have seen help a lot of people.
I specialize in reverse mortgages and if you know of anyone else who might want to do one please have them contact me.
bburns@griffinloans.com
2006-06-19 14:06:07 · answer #1 · answered by bburns31 3 · 0⤊ 0⤋
Yes, I learn that in my real estate classes at college....
2006-06-19 02:49:06 · answer #2 · answered by a100 1 · 0⤊ 0⤋
Yes I did know this..
2006-06-19 01:51:51 · answer #3 · answered by matt8_2 3 · 0⤊ 0⤋
I know about it now.
2006-06-24 12:09:16 · answer #4 · answered by bddrex 4 · 0⤊ 0⤋