2006-11-08 04:54:24 · 5 answers · asked by MamaJupe 5 in Business & Finance ➔ Renting & Real Estate
What is my effective rate if I move after five years, ten years, fifteen years?
How long have you been in business?
How many reverse mortgages have you done?
What are my different options in terms of reverse mortgage type?
Important questions are the one's to ask yourself-
Do I want to commit to this home?
How am I planning on using the money received?
Credit Line, Lump Sum, or combination?
What if I need to go into assisted living facility?
Make sure you know all the facts and are dealing with someone reputable. Compare lenders at http://www.reversemortgagepage.com.
2006-11-08 18:52:09 · answer #1 · answered by Byron W 3 · 0⤊ 0⤋
The AARP has info on how they work, what kind to get, comparing options, and a mortgage calculator.
http://www.aarp.org/money/revmort/
2006-11-08 05:02:43 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Make sure you fully understand how it works. How much your effective rate is, how much your actual rate is, etc. Find out the maximum loan-to-value that is allowed. Find out all the terms of the loan, if it's a fixed rate or adjustable, etc. Good luck and be careful.
2006-11-08 06:43:35 · answer #3 · answered by Justin 3 · 0⤊ 0⤋
http://www.reversemortgage.org/
2006-11-08 05:02:07 · answer #4 · answered by parsonsel 6 · 0⤊ 0⤋
DONT DO IT
2006-11-08 05:01:18 · answer #5 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋