I owe $54,000 on the house, the state appraisal for taxes is $79,000. Is it worth it to get a reverse mortgage.
2007-09-14 10:36:39 · 9 answers · asked by Pat 1 in Business & Finance ➔ Taxes ➔ United States
See a "Certified Financial Planner" near you. Not a "financial planner" - a CERTIFIED FINANCIAL PLANNER. It depends upon your circumstances. (Your age, health, financial circumstances, and estate planning needs.)
Even if the Certified Financial Planner agrees A reverse mortgage could work for you, THE reverse mortgage offered to you by any particular lender may not be good for you. Have an attorney review the reverse mortgage before you sign and tell you all the potential consequences of the reverse mortgage.
2007-09-14 11:47:44 · answer #1 · answered by mcmufin 6 · 0⤊ 0⤋
Absolutely not! Do you realize what a reverse mortgage is? The reason for a reverse mortgage is to get an income. Once the bank has paid you the 79,000 the house will be thiers. Also you won't actually be getting 79,000 you will be getting the difference in what you owe which would be 25,000 which would be payed to you in monthly installments. That's not even close to 1 years salary. The general target consumer would be someone 65 or older. I would'nt consider it unless I were pretty sure that I would be dead by the time the bank takes possession.
With so little equity, and depending on your age, I highly doubt you even qualify.
2007-09-14 10:49:31 · answer #2 · answered by Don 3 · 0⤊ 0⤋
There are many other questions that would figure into this. How old are you, and what other assets do you have? Are you working, or retired? Is leaving an estate important to you? and many other questions.
You don't really have a lot of equity in the house if the tax appraisal is anywhere near market value, so there wouldn't be much available in any case for a reverse mortgage. So it doesn't sound like you'd be a good candidate for one no matter how old you are.
2007-09-14 11:00:46 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
No.
Read up on reverse mortgages.
Do an internet search and you will see that reverse mortgages are usually never a good thing.
2007-09-14 10:41:34 · answer #4 · answered by mister_galager 5 · 1⤊ 0⤋
Only if you are well past retirement age and have no desire to leave a home for your family when you are gone.
2007-09-14 10:44:06 · answer #5 · answered by backwardsinheels 5 · 0⤊ 0⤋
Unless you are in your mid 80's you will not qualify
2007-09-14 10:43:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You dont even qualify.
2007-09-14 10:49:01 · answer #7 · answered by scottsmylie 5 · 0⤊ 0⤋
they are a rip off
2007-09-14 11:17:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋
hell no
2007-09-14 10:44:24 · answer #9 · answered by Anonymous · 0⤊ 0⤋