Posted by Just Another Old Geezer on July 25, 2013 at 05:22:49 from (216.105.208.2):
In Reply to: OT Rant. posted by LOU from Wi. on July 24, 2013 at 23:48:39:
A reverse mortgage can be a good thing for the right person under the right conditions. I was a local watering hole a few weeks ago chatting with the lady bartender I know. She had been helping out getting an elderly lady neighbor situated a nursing home. The lady lived in a small old house with a leaky roof and had a reverse mortgage. The last few years lady had cats and had not taken very good care of the house because of her health issues. The lady bartender had picked through the house to get cloths for the elderly lady in the nursing home and found herself obliged to launder the clean cloths before delivering them to the nursing home. She estimates that by the time the bank gets done paying the cost of cleaning up and fixing up the house they will be losing about $30,000. I think this is a case where reverse mortgage work very well.
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