reverse mortgage?
gina j asked:
anyone know if this is a good idea? i have about 140000 equity i am on a fixed income and am barely getting by.
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anyone know if this is a good idea? i have about 140000 equity i am on a fixed income and am barely getting by.
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April 14th, 2010 at 6:12 pm
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Like any financial service, it has use, but whether it is right for you depends on a lot of other issues with your individual situation.
In genreal, the people targetted for reverse mortgages (the elderly) are the worst candidates for using it.
April 16th, 2010 at 1:26 am
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It might make sense. It might also make sense to sell your property out right. It all depends upon your circumstances. If you sell your home then you would have to find a new place to live. You may want to consult a local CPA or lawyer.
April 16th, 2010 at 7:59 am
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Reverse mortgages are great if you are not going to will or give your property away to your kids.
April 19th, 2010 at 4:02 am
Create a video blog…instantly.
It is absolutely the best thing you can do, assuming you are 62 years old. You can only live your life the best way you can. There are many safe guards built in for your protection, and contrary to many beliefs, it is always your property, and as long as you own and occupy the property as your residence, you should be fine.
Many people have concerns about what they might “inherit?” How about your ease of living?
April 19th, 2010 at 4:19 pm
Reverse Mortgage
The most popular Reverse Mortgage is the Home Equity Conversion Mortgage (HECM) which accounts for over 90% of Reverse Mortgages done to date. The HECM is Federally regulated and insured (FHA—HUD) They set the rules and regulations. AARP just released a study
(12-12-2007) here’s the web address that will link you directly to the report on AARP website…
…
You can also go directly to to research Reverse Mortgages. Seeing it’s their program why not go right to the source. Part of the Reverse Mortgage process is that you have to talk to an independent HUD approved third party counselor to make sure you understand the program and that it was explained to you correctly. (government safeguard). There is no charge for this and you can do this anytime you want. Just another avenue to answer your questions. I hope these resources help in your decision making. If I can be of any other assistance let me know. For disclosure purposes……I have been in the Reverse Mortgage business for over 2 years and I am a Reverse Mortgage Consultant for EverBank Reverse Mortgage. Also Federal law requires that the homeowner MUST remain on title, thus maintaining ownership of the home.
Regards,
Stephen