Is there a better solution for the cash strapped elderly than the reverse mortgage? What are big pitfalls?
Angel asked:
Reverse mortgage seems an easy out, but does it cost too much in the way of fees and is the variable interest a good risk in this economy? Is there a better solution I am not considering?
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Reverse mortgage seems an easy out, but does it cost too much in the way of fees and is the variable interest a good risk in this economy? Is there a better solution I am not considering?
April 29th, 2009 at 2:35 am
cash strapped, home owning elderly really have limited options available to them if they are in need of extra cash to make ends meet.
1 – sell their home and start renting or get a smaller home
2 – reverse mortgage
3 – rely on children for the extra cash
I would go to your bank and ask to speak to their reverse mortgage person (don’t trust the letters you get from off the wall companies in the mail).
April 30th, 2009 at 2:38 pm
i dont know what country you are from but if you are from canada try RBC, they have a homeline plan which is a secured credit line (the security is your property) and you can draw as much as you need and the interest is generally low.
May 1st, 2009 at 5:52 pm
If you are from the united states you can go to the source listed below to view many programs that are available.
May 4th, 2009 at 2:45 am
if you have a lot of money in you house i would suggest you sale downside you house hold and move into a small house or apt!!! i just like to control my own future!!!