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reverse mortgage... what's the catch
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Question reverse mortgage... what's the catch - February 17, 2009, 06:53 PM

i don't own a house, but this seems almost to good to be true...and you know what they say....

the commercial says "no trick, no gimmicks, no payments; consider it the loan that pays you"

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February 17, 2009, 07:00 PM

for old folks...dont do it. that's all i have to say.


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February 17, 2009, 07:01 PM

They are pretty much buying the house back kind of thing that's why is good for old folks that don't want to leave the house to anyone.
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February 17, 2009, 07:02 PM

Basically they take the equity you have in the house and start paying you the money. In the end when you die the house goes to the bank.
My friends fathers is doing one and mainly he outlived his retirement and this was the only other option.


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February 17, 2009, 07:06 PM

Quote:
Originally Posted by n2sport View Post
Basically they take the equity you have in the house and start paying you the money. In the end when you die the house goes to the bank.
My friends fathers is doing one and mainly he outlived his retirement and this was the only other option.
see that's what i thought...but the website's FAQ says that's not the case. i'm sure there is tons of grey tape around this
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February 17, 2009, 09:58 PM

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Originally Posted by Salva-T View Post
They are pretty much buying the house back kind of thing that's why is good for old folks that don't want to leave the house to anyone.
That way you can leave the perfect will.

Being of sound mind and body, I spent it all.


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February 18, 2009, 07:26 AM

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That way you can leave the perfect will.

Being of sound mind and body, I spent it all.
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February 18, 2009, 08:02 AM

Quote:
Originally Posted by Oneway View Post
see that's what i thought...but the website's FAQ says that's not the case. i'm sure there is tons of grey tape around this

Remember, it is these same lenders (mortgage companies) that have caused our current econimic crisis by selling people motgages that they couldn't afford. They are worried about making thier money, not what it will mean for the home owner. Read the fine print.


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February 18, 2009, 08:08 AM

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Remember, it is these same lenders (mortgage companies) that have caused our current econimic crisis by selling people motgages that they couldn't afford. They are worried about making thier money, not what it will mean for the home owner. Read the fine print.
well said


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and go
 
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February 18, 2009, 08:14 AM

I read this yesterday and it talks about it: http://www.msnbc.msn.com/id/29198366/
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February 18, 2009, 08:26 AM

I don't have too much 411 on this type of loan yet, but don't jump into anything until you know EXACTLY what you are getting into. Good luck.


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February 18, 2009, 08:28 AM

My parents' lawyer advised them not to do it -- they didn't need the money, they thought it might help them put more money away for the grandkids' college funds. He said it boiled down to taking advantage of those on a fixed income -- might help in the short term, but you pay in the long term.


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February 18, 2009, 09:37 AM

Quote:
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I don't have too much 411 on this type of loan yet, but don't jump into anything until you know EXACTLY what you are getting into. Good luck.
uh...thanks?

see first post
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February 18, 2009, 09:38 AM

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My parents' lawyer advised them not to do it -- they didn't need the money, they thought it might help them put more money away for the grandkids' college funds. He said it boiled down to taking advantage of those on a fixed income -- might help in the short term, but you pay in the long term.
man that blows....younger ppl are being stingy with their money, so they go after the old folks lookin for a break....which will eventually lead to getting the younger folks when they get older....grimey.
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February 18, 2009, 09:42 AM

Another downside is the closing costs are INSANE!! Typically 3-4 points upfront but you don't pay it out of pocket because everything is going against the equity.


Throttle or brakes, there are no other options
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