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  1. #1
    Marketing Mistress Lectrickitty's Avatar
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    Reverse Mortgages - anyone knowledgeable about them?
    If you know how they work and are willing to give some advice, please send a private message or email. I need to get some advice fast.
    [color=blue]"Those who give up their freedom for a little security deserve neither freedom nor security" - Benjamin Franklin[/color]

  2. #2
    Full Member suzie250's Avatar
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    Basically, reverse mortgages are generally taken out by the elderly, to receive a monthly check for living expenses. This allows them to keep their home and live comfortably.

    Not sure on the details about what happens when that montly check isn't needed anymore. Though, I think, the home is sold and then that money is returned to the lender.
    I disagree with Kay Jewelers. I would bet on any given Friday or Saturday night more kisses begin with Bud Lite than Kay.

  3. #3
    ABW Ambassador JudiMoore's Avatar
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    LectricKitty:

    I just sent you an email with a link

    Judi
    The Underwriter

  4. #4
    Marketing Mistress Lectrickitty's Avatar
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    Judi, you have mail.
    [color=blue]"Those who give up their freedom for a little security deserve neither freedom nor security" - Benjamin Franklin[/color]

  5. #5
    ABW Ambassador JudiMoore's Avatar
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    LectricKitty:

    I just sent a lot more. Open the last one first - It's the AARP handbook for consumers and it's a pdf attachment

    Judi

  6. #6
    Affiliate Miester my2cents's Avatar
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    Reverse mortgages were created for the elderly and infirm who needed cash now but didnt want to pay back a loan now...

    so a loan was created that is for the most part an interest only loan with no set payoff date... the person with the loan can tap their equity by writing checks...

    I dont recommend these types of loans because it is too easy to getin trouble with them...

    MY in-laws have this kind of loan... they feel that they would rather use the money now as they see fit then to have their children fighting over the money when they are gone... and as a result they have been hitting the loan fairly hard...

    Joe
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    that's my2cents, 'cuz I'm a legend in my own mind....

  7. #7
    notary sojac Herb ԿԬ's Avatar
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    Exclamation
    some very bad fine print with some of them. bad news.

  8. #8
    Marketing Mistress Lectrickitty's Avatar
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    Thank you for all the info and links.
    Last edited by Lectrickitty; September 15th, 2005 at 11:00 PM.
    [color=blue]"Those who give up their freedom for a little security deserve neither freedom nor security" - Benjamin Franklin[/color]

  9. #9
    ABW Ambassador JudiMoore's Avatar
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    LectricKitty: you have mail

  10. #10
    Full Member deepestblue's Avatar
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    Just try to make sure that if a person goes forward with one of these that they secure one from a big name national bank or a very relaible and trustworthy community bank.

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