2007-10-03 08:45:07 · 7 answers · asked by Linda H 2 in Business & Finance ➔ Personal Finance
some people do
if you have kids and you like em, its kinda mean
otherwise , what the heck, I'm gonna take one on my land when I'm 62 unless I have some money anyway
2007-10-03 08:48:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
My uncle just did this. He received a large lump sum of money right now and he will receive monthly payments until the total agreed amount (for sale of the home) is paid in full to him. He is able to stay in his house as long as he wants. His biggest drawback is that he is NOT able to will the house to any of the children. Who could actually buy the house back , from the mortgage company if they choose. After he passes or moves out. Some companies may be different. This was a good choice for him. He sold a very large house and now has a monthly income. Hope this helps. Good luck.
2007-10-03 08:58:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence.
Sounds like a scary idea to me.
2007-10-03 09:20:03 · answer #3 · answered by JB 6 · 0⤊ 0⤋
Lots of experience. The bank does NOT own your home when a person passes away or sells the home. Amazingly common misperception.
It's a great product for some and not for others - just like other products (whole life products, option ARMs, etc.)
It has its place, however, in the world...
2007-10-04 06:06:49 · answer #4 · answered by Giardini 1 · 0⤊ 0⤋
They are great and reliable, the only catch is that the property becomes the property of the bank when you die. If you don't need to leave your home to anyone and you don't plan on moving ever again, I would go for it.
2007-10-03 08:48:31 · answer #5 · answered by Hoptoad City 4 · 0⤊ 0⤋
u need to really think this through
if your health fails and you become incapacitated/admitted to a nursing home they can get it if they want it
if you die and have family besides your husband/wife
(example child or grandchild) who depends on that roof over their head
they give them 1 month to get out
quite a challenge for someone who just lost you
or for them who had to put you in the home cause u had a stroke
2007-10-03 08:56:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
YES! The person passes away and the Bank takes over the home, the dependents get nothing! It sucks!
2007-10-03 08:49:37 · answer #7 · answered by zipper 7 · 0⤊ 1⤋