Quote:
Originally Posted by Dotneko
What bank will loan to a retiree with no income other than ss? The banks we spoke with didnt care how much cash on hand we had. With no income, no mortgage.
The closing costs for a reverse werent huge either.
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Again, reverse mortgages can
Be a great financial tool.
The huge commissions are a myth! All loan officers make a pretty good commission. It is not an easy
Job being a loan officer, I’ve done it and there is a lot of training and knowledge necessary to be a loan officer. Reverse Loans are getting better and far more main stream.
Banks that do reverse will foreclose if the money owned is higher than the actual value. A good thing for the next person/investor to buy.
It’s important to do comparisons on costs but closings are expensive
No matter what kind of loan you use.
I’m planning to do a reverse refi when I turn 62 and I know more than most about loans and real estate!