Posted by Walt Davies on February 04, 2008 at 18:53:05 from (75.106.198.191):
In Reply to: Reverse mortgage posted by dave guest on February 04, 2008 at 15:54:05:
There are a lot of myths about reverse mortgages but I have been researching them and I can tell you this. There three different ways to get the money a lump sum a monthly check or you can put the whole thing in an account and just draw off the interest this seems the best to me because the lump sum will always be there.
These mortgages are backed up by 3 differant government programs if you can't trust them then who can you trust.
When the last person leaves the home it is time to pay back the loan. you can do it by selling the home and then you get what is left over after the loan amount is paid or your children who inherit the home can pay it off or get another loan on the house. You have 12 months to sell the home.
My place is worth $600,000 I can only borrow $125,000 at this time on it. So when I'm gone the kids will have a place worth about $1,000,000 not to bad I would say.
If you choose the 3rd option you will have money coming in until you leave the home no matter how long that it is.
Before you can get a reverse mortgage you must talk to an expert on the mortgage to guide you though it.
They will not take your home and leave you with nothing its against all state and federal laws to do that.
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