Reverse Mortagage

[OKLAHOMAN]

Has anyone done a reverse mortage? If so were you happy with it and the process? My kids wanted me to do one as our home is paid for and now that I'm retired I could use the money as extra income on a monthly basis or take a lump some.

 

[hoff58]

Check out these 2 web sites. www.reverse.org and www.clarkhoward.com
These are 2 good sites to do some research for yourself.

 

[ctwxlvr]

Do your research if the home is something you want to pass down, then don't do a reverse morgage. A lot of Families have gotten burned by these Mortgages.

 

[turned_for_good]

I have never liked the idea since its inception.
Try this link and listen to what Dave Ramsey says about it.
http://www.daveramsey.com/etc/askdave/?intContentId=6298

 

[Rifleman1776]

For many retirees, a reverse mortage can be a life saver. I have looked into it and found two big downsides.
There is a $4000.00 initiation fee. Read that 'salesmans commission'. There is another $4000.00 fee for Federal insurance.
The amount you can get is determined by the age of the youngest person of a married couple. You are allowed only about 80% of the current value of the property. Those who need the money will like the concept even though it is expensive. Those who don't need the money will, of course, shy away.

 

[bob393]

Never looked into it but someday it may be nessesary, who knows.

 

[Tom McMillan]

I've been communicating some with my Brother about the reverse mortgage as he wasn't aware of it. The website at HUD (Department of Housing & Urban Development) might be an important one to check out as it says there is some fraudulent activity, and they seem to have a lot of good information at their website: http://www.hud.gov/buying/rvrsmort.cfm

 

[huntersilver]

I never liked the concept, it is like selling your home back to the
bank bit by bit.