Recently, Kiplinger featured a fairly informative article on reverse mortgages. Do you have any experience (good or bad) with reverse mortgages? Please reply (lower right) to share what you know about these loan vehicles often marketed to retirees.
Read the Kiplinger article>>
Unfortunately, jbonsall43, you need to read the Kiplinger article. The banks WILL NOT give you a reverse mortgage for the full value of your home equity. You only get a percentage of it, to allow for fluctuations in value.
The extremely high fee costs for reverse mortgages make them a last resort for desperate homeowners.
There are also fewer banks lending reverse mortgages these days, especially with the changes in appraisal rules pushed by the FHA. In our area the appraisers are really low-balling properties because they have no choice but to include recent foreclosure sales. This brings down the value of even top-notch 'turnkey' homes, which means there's even less money permitted on a reverse mortgage. I frankly don't see how they're a viable option any longer for most homeowners.
they are only good for people that have no spouse or children.....when person dies its the $ or the house....no exceptions....
article told fact on couple, she sick and 65 & he was under 65 and could not be a signer as you have to be 65+....did this to pay her medical costs....she unfortunatly dies....mortgagor demands $ or house....long story short....HE LOST HOUSE!!!!!!!!!!!!
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