2007-03-08 04:35:33 · 3 answers · asked by Bernice C 1 in Business & Finance ➔ Personal Finance
i run the website http://www.reversemortgagepage.com, so I am constantly talking to seniors abou their experiences with reverses and I have a few themes to report:
1. Seniors who get a reverse are almost always initially glad they did
2. You won't be unhappy until down the road if you need to enter a nursing home - problems will start then
3. A reverse mortgage is not the right move in many, if not most, cases
4. When it is the right move, it is a lifesaver
My advice - talk to four-five reverse mortgage lenders and start the conversation with, "Why shouldn't I get a reverse mortgage." This way, you will be able to determine a.) if you SHOULD get a reverse and b.) who the best lender is, because the best lender will not shy away from the disadvantages.
2007-03-10 10:45:21 · answer #1 · answered by Byron W 3 · 0⤊ 0⤋
FYI, you have to be over a certain age to get one...I want to say 62 and 1/2 years or maybe 65...
I don't know anyone who's gotten one, but they can be OK to do in certain situations. If you are older, have insufficient retirement savings, and don't care much about leaving an inheritance to anyone, then the best decision might be to get one of these mortgages and live off your home--IF you are never planning to move again.
Good luck.
2007-03-08 12:48:59 · answer #2 · answered by lizzgeorge 4 · 0⤊ 0⤋
Its alot that you have to get into when doing a reverse mortgage. if you want to give your house to your kids or someone when you pass they will have to pay buy the house from the bank. what i would say is to refinance your home and get a lower monthly payment. if you need more information send me an email to cmruffin@bloomu.edu.
2007-03-08 13:39:41 · answer #3 · answered by cmruffin1 2 · 0⤊ 0⤋