Comments on: If I get a reverse mortgage will I deplete most of the equity out my home? I want to move and be a renter? http://www.reverse-mortgages-information.net/blog/reverse-mortgages/if-i-get-a-reverse-mortgage-will-i-deplete-most-of-the-equity-out-my-home-i-want-to-move-and-be-a-renter/140/ Reverse Mortgage pros and cons, FAQ, loan information, lenders Mon, 12 Jul 2010 08:39:39 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: STEVEN F http://www.reverse-mortgages-information.net/blog/reverse-mortgages/if-i-get-a-reverse-mortgage-will-i-deplete-most-of-the-equity-out-my-home-i-want-to-move-and-be-a-renter/140/comment-page-1/#comment-331 STEVEN F Fri, 26 Jun 2009 17:01:20 +0000 http://www.reverse-mortgages-information.net/blog/reverse-mortgages/if-i-get-a-reverse-mortgage-will-i-deplete-most-of-the-equity-out-my-home-i-want-to-move-and-be-a-renter/140/#comment-331 <a href=""></a> Reverse mortgages are ALWAYS a bad deal. Even if you wanted to stay in the house, you would be better off getting a REGULAR mortgage for 80% of the homes value, paying of any existing mortgage, and putting the rest in a decent mutual fund. Then you can draw from the mutual fund to make the mortgage payments and pay yourself what the reverse mortgage would pay. At any given time, you will have more in the mutual fund plus equity than you would have with the reverse mortgage.

Reverse mortgages are ALWAYS a bad deal. Even if you wanted to stay in the house, you would be better off getting a REGULAR mortgage for 80% of the homes value, paying of any existing mortgage, and putting the rest in a decent mutual fund. Then you can draw from the mutual fund to make the mortgage payments and pay yourself what the reverse mortgage would pay. At any given time, you will have more in the mutual fund plus equity than you would have with the reverse mortgage.

]]> By: Sarasota http://www.reverse-mortgages-information.net/blog/reverse-mortgages/if-i-get-a-reverse-mortgage-will-i-deplete-most-of-the-equity-out-my-home-i-want-to-move-and-be-a-renter/140/comment-page-1/#comment-330 Sarasota Fri, 26 Jun 2009 15:27:07 +0000 http://www.reverse-mortgages-information.net/blog/reverse-mortgages/if-i-get-a-reverse-mortgage-will-i-deplete-most-of-the-equity-out-my-home-i-want-to-move-and-be-a-renter/140/#comment-330 <a href=""></a> A reverse mortgage is, in effect a sale. It will be the very last financial transaction you make on your home. It will belong to the lender, you will not be able to sell it. You will not be able to move, without giving it up entirely. You will not be able to access any more of it's equity. Reverse mortgages are only an extreme last resort, and usually they are an awful deal. Be very careful.

A reverse mortgage is, in effect a sale. It will be the very last financial transaction you make on your home. It will belong to the lender, you will not be able to sell it. You will not be able to move, without giving it up entirely. You will not be able to access any more of it’s equity.
Reverse mortgages are only an extreme last resort, and usually they are an awful deal. Be very careful.

]]> By: craig l http://www.reverse-mortgages-information.net/blog/reverse-mortgages/if-i-get-a-reverse-mortgage-will-i-deplete-most-of-the-equity-out-my-home-i-want-to-move-and-be-a-renter/140/comment-page-1/#comment-329 craig l Tue, 23 Jun 2009 16:11:10 +0000 http://www.reverse-mortgages-information.net/blog/reverse-mortgages/if-i-get-a-reverse-mortgage-will-i-deplete-most-of-the-equity-out-my-home-i-want-to-move-and-be-a-renter/140/#comment-329 <a href=""></a> Reverse mortgage is for people wanting to use the equity in their home and still live at their current residence. This is a way to stay in your home not designed for you to move to another residence, You would be better off to sell or rent your current home and move into a rental situation if that is your goal and save the seven grand. I believe this is not the option for you based on your facts above. Good Luck

Reverse mortgage is for people wanting to use the equity in their home and still live at their current residence. This is a way to stay in your home not designed for you to move to another residence, You would be better off to sell or rent your current home and move into a rental situation if that is your goal and save the seven grand. I believe this is not the option for you based on your facts above. Good Luck

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