Jan
17
I have heard so many answers on a Reverse Mortgage. What is the real scope?
Filed Under Personal Finance
sparkelmom asked:
I am 62, own my home. Just want to be confortable and not worry about money. Have my mortage paid off.
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I am 62, own my home. Just want to be confortable and not worry about money. Have my mortage paid off.
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3 Responses to “I have heard so many answers on a Reverse Mortgage. What is the real scope?”
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A reverse mortgage is great if you don’t plan on leaving any estate for your heirs. With a reverse mortgage you are basically selling the bank your house. And they are paying you monthly payments for it. If you per chance live past the time in your reverse mortgage, you will be out on the streets.Because the bank will take what is rightfully theirs. They don’t really care about the individual. So you really need to get alot more information before deciding to do this.
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A reverse mortgage is when you have clear title on the property and you can use the funds to whatever you need it for. Let’s say your home is worth $200,000, you can probably get about $170,000 plus any closing cost which is quiet expensive. The only way it has to be paid back is when you sell or die. If you want to pay it back while you’re still living on the house, you can do that also.The only think I forgot was you have to be a certain age to get it.
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Do yourself a favor and look at for your answers as in these open forums you usually get many people who think they are an expert on everything….and quite frankly aren’t. A Home Equity Conversion Mortgage (HECM) is Federally regulated and insured and counts for over 90% of Reverse Mortgages done today. Put Reverse Mortgage in the search box once you get to the HUD website and you’ll get all the info you need, right from the source.