How does a reverse mortgage work?
Emu Non Grata V1.5 asked:
I’ve read a little bit on them but haven’t really determined the ins and outs of them.
I’ve read a little bit on them but haven’t really determined the ins and outs of them.
Just looking for more info.
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January 12th, 2010 at 4:04 am
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I is a rip off DONT DO IT. you would be better off to sell your house and take that money and move to a small apt.
January 12th, 2010 at 11:57 pm
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I’ve heard both pro’s and con’s…the jury’s still out. Let me know if you get a broader more accurate perspective about it as I’ve been researching it myself…
January 15th, 2010 at 5:31 am
Reverse Mortgage
Here is a little info on it.
Basically they give you money (if your 62 or older) and when you die they get your house. Unless of course your beneficiary can pay back the money. This scheme is targeting older people who’s families cannot financially support them so have little hope of paying back the money. They ultimately buy many houses for well below market value.
January 18th, 2010 at 10:09 am
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…here’s a very very “simplistic” answer… You currently own the home… “they” give you all the “equity” back for you to use anyway you want… a BIG cash payout… “dribs and drabs” and you don’t have to pay it back…ever… however, (here comes the nightmare)… you can’t “will” the house to your relatives…when you die the house and property go to the “mortgage co” with a “first refusal” offer to your relatives to pay back the “equity” that you’ve spent or establish a new mortgage and buy it back or…color it gone…(they keep t and re-sell it).