Your Questions About Reverse Mortgage

Jenny asks…

Reverse Mortgage?

My neighbor told me about these reverse mortgage loans and I wanted to ask here if this a safe way to get some cash out of my home. I live in Ft. Lauderdale, Fl. and am retired 6 years now.

admin answers:

A reverse mortgage is a really great thing if you have lots of equity in your home, and you don’t have very much liquidated cash to enjoy your retirement. My mother had a house paid in full in Santa Barbara, CA but was living off of social security checks. I helped her get a reverse mortgage loan from Financial Freedom. Then she was living life to the fullest until she passed away 6 years later. My siblings were livid when they found out she got that loan, because they thought she would eat up their inheritance. But she sure loved life those last years of her life, going to the off-track horse racing, bought a new car, new hi-def tv, remodeled her kitchen with Viking appliances. So, yes it can be a very good thing. But you must remember that it is basically selling your house slowly back to a financial institution. If my mom would have lived long enough, my brother and sister (and me) would not have inherited a dime, but that was ok with me.

Anyways, you can find some info and resources about reverse mortgages here:

http://reversemortgageresource.blogspot….

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Betty asks…

Reverse Mortgage?

My neighbor told me about these reverse mortgage loans and I wanted to ask here if this a safe way to get some cash out of my home. I live in Ft. Lauderdale, Fl. and am retired 6 years now.

admin answers:

A reverse mortgage is a really great thing if you have lots of equity in your home, and you don’t have very much liquidated cash to enjoy your retirement. My mother had a house paid in full in Santa Barbara, CA but was living off of social security checks. I helped her get a reverse mortgage loan from Financial Freedom. Then she was living life to the fullest until she passed away 6 years later. My siblings were livid when they found out she got that loan, because they thought she would eat up their inheritance. But she sure loved life those last years of her life, going to the off-track horse racing, bought a new car, new hi-def tv, remodeled her kitchen with Viking appliances. So, yes it can be a very good thing. But you must remember that it is basically selling your house slowly back to a financial institution. If my mom would have lived long enough, my brother and sister (and me) would not have inherited a dime, but that was ok with me.

Anyways, you can find some info and resources about reverse mortgages here:

http://reversemortgageresource.blogspot.com

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Robert asks…

Reverse mortgage…?

Is it legal to take my name off the title of our home so my husband will be the only one listed and therefore qualify for reverse mortgage?

admin answers:

It depends on your state. Speak to an attorney about title questions. Loan officers and brokers can’t comment legally on title issues only an attorney can help.

Do you understand how a reverse mortgage works? Find out. Usually a reverse mortgage is used with retirees. The banks agrees to pay you to live in your home until deathand then they take your home once you pass.

If you plan on outliving your husband you might ask him why he wants to sell your house from under you????

Speak to an attorney and your husband over his reasoning. A HELOC or second mortgage may give you the money you seek without risking loss of your home upon your husbands death.

Sharon asks…

Reverse Mortgage?

In a reverse mortgage, how long after the last borrower dies, do you have before the bank comes and takes the house?

admin answers:

Http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

go here

James asks…

reverse mortgage?

I hope i made sense….if not ill try to make it sound simpler

admin answers:

What do you want to know??? Ya just wasted 5 points, dude.

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