Location: Pflugerville...Wish it was South Florida
Age: 41
Posts: 8,410
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Quote:
Originally Posted by Pasadena1944
I'd never do it....it's nothing but a loan that could cause her to lose her home...
not sure how she can lose her home in a reverse mortgage. It's not a loan
but more of an annuity...but I would not do it unless she absolutely needs the income or is in danger of losing the house.
Why does she need the money? They can be appropriate for someone in certain circumstances. You can't lose the house with one unless you move out and don't pay off the mortgage. There no monthly payment with the Reverse Mortgage. So if she is struggling to make a house payment now for whatever reason it can end that problem and/or get some cash for medical or other expenses.
Why does she need the money? They can be appropriate for someone in certain circumstances. You can't lose the house with one unless you move out and don't pay off the mortgage. There no monthly payment with the Reverse Mortgage. So if she is struggling to make a house payment now for whatever reason it can end that problem and/or get some cash for medical or other expenses.
There IS still a payment, you have to pay the taxes and the insurance and up keep on the house... And that is probably the biggest part of her payment if she has owned the home for 20 to 25 years..
not sure how she can lose her home in a reverse mortgage. It's not a loan
but more of an annuity...but I would not do it unless she absolutely needs the income or is in danger of losing the house.
It is very expensive when you break it down.
Do you have to pay your property taxes and insurance on an annuity?
NO, it's a loan....
I heard that Quikin (sp) loans is the biggest in the reverse mortage business...
Reverse Mortgage
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