Quote:
Originally Posted by retiredguy123
Just shop around and get the lowest rate possible. But, don't get a reverse mortgage. They are a ripoff.
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A reverse mortgage is really not what the OP would want or need. However, how are you ripped off with a reverse mortgage from possibly the hometown Citizens First Bank if you know what you're getting before you go in? What if a person has no heirs, owns their home, short on cash or their income is not enough and have maybe 15 or more years to live. What is the alternative, a equity loan that has payments? Did you know you can purchase a home with a reverse mortgage. Say you have $150K in cash and want to buy in TV, you know that amount won't get you anything, but with $150K you can purchase a $250K home with a reverse mortgage and never make a payment unlike a conventional loan.
Reverse Mortgages