2007-10-09 14:41:10 · 4 answers · asked by Yasser B 1 in Business & Finance ➔ Renting & Real Estate
Reverse mortgages, in the right situation, are a wonderful tool for seniors to unlock dead equity in their homes to be able to enjoy their lives in their golden years. I'll use my mother as an example.
She's 86 and on a fixed income of $1400/ month. She owns her home free and clear. It's now worth about 110k.
What would you want my mom to have? A home that's worth 100k that she can live in until she dies (if she lives to be 100 that's only 14 more years) and then leave behind for me and my brother to fight over and have to go through probate with?
Or, a home she can live in until she dies, along with an additional $700/ month in income or 50-80k in cash now to do with as she wishes or a combination of both? What would you want for YOUR mother?
Seems like a no brainer to me. Use the link below to take you to a reverse mortgage calculator to determine how much someone could get.
I don't know about the rest of you folks, but I would rather see my mother be able to enjoy the last years of her life by getting money out of her home rather than live a frugal life never being able to do anything extra just so she can leave all that equity behind for the courts and my family to squabble over. That's why my mom has and is enjoying her reverse mortgage.
2007-10-09 19:17:04 · answer #1 · answered by RealEstateGuy 2 · 0⤊ 0⤋
You get a job at a mortgage company. Some people do this part time but they can still generate leads anytime.
And for the people who downed you... I agree w. one of the other answerers. If my mother did not have much money I would prefer she spends the money from her house. She would get to live in her house until she dies and after that she won't need it.
I am an adult and can take care of myself. I don't need to inherit a house. So I would rather my mother have a higher standard of living for the rest of her life.
2007-10-10 06:31:38 · answer #2 · answered by jackson 7 · 1⤊ 0⤋
You're mean spirited. Would you want someone to do that to your parents, Grandparents, etc? Hon, how can you live with yourself? You're a very, very, very, BAD Boy.
Oh, well, it will come back to bite you in the butt anyway!
2007-10-09 21:49:25 · answer #3 · answered by newyorkgal71 7 · 1⤊ 1⤋
DON'T!!!
Let them keep their homes!
2007-10-09 21:45:35 · answer #4 · answered by Anonymous · 0⤊ 1⤋