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Replies (5)
- Dan, "the_country_hick"
- Contributions:4700
The only way I think a reverse mortgage could have been a good idea was to cash at the peak before the market crashed and enjoy the cash now and live in the same house. Then maybe there would be a positive outcome.
Reverse mortgages are a nightmare for any heirs. They can also be a problem when the owner can not afford to do some maintenance and the reverse mortgage forecloses because of that.
Reverse mortgages are a nightmare for any heirs. They can also be a problem when the owner can not afford to do some maintenance and the reverse mortgage forecloses because of that.
- wetdawgs
- Contributions:26854
Please don't plagriaze publications, even NAR. Show you have some thoughts of your own!
- Gary Cohen, "Gary Sells Money"
- Contributions:48
I have helped seniors with many RM or HECM as they are also known and they have all had their lives improved by doing this type of program.
It was a better value for the senior when the homes appraisal was at its highest but there is still opportunity to help today.
The costs are lowest on a fixed rate program when the senior is taking out all the money possible to pay off an existing mortgage or just utilize the money as they see fit.
It was a better value for the senior when the homes appraisal was at its highest but there is still opportunity to help today.
The costs are lowest on a fixed rate program when the senior is taking out all the money possible to pay off an existing mortgage or just utilize the money as they see fit.
- Andrew Adams, "203K Specialist"
- Contributions:9349
@ David,
Zillow is not a blog site. Ask questions start discussions please refrain from Blogging.
HECM loans are not right for all seniors but they are an options that needs to be looked at. If the heirs are worthy they would want their parents to be as comfortable as possible in retirement.
Zillow is not a blog site. Ask questions start discussions please refrain from Blogging.
HECM loans are not right for all seniors but they are an options that needs to be looked at. If the heirs are worthy they would want their parents to be as comfortable as possible in retirement.
- shapiroamg
- Contributions:3058
If the heirs are worthy they would want their parents to be as comfortable as possible in retirement
Amen Andrew.
Amen Andrew.
Why Reverse Mortgages Are Popular
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- 5.0/5.0
- (26 reviews)
Contributions:1121. Fees are lower. The government, with support from lenders, has revised how reverse mortgages are structured.
2. Loans are more flexible. New loans let borrowers take money as they need it instead of all at once.
3. Selling isn't always feasible. Reverse mortgages generally don't pay as much as selling a house outright, but these days selling a house can be very difficult.
Source: National Association of Realtors®
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