Reverse Mortgages

[Polar Bear]

Anybody have any experience with them? Are there any banks or other financial institutions in TV that deal with them?

[BogeyBoy]

Try Citizens First Bank. They advertise reverse mortgages in the Daily Sun.

[pivo]

from what I understand when you find a place to buy thy will work with the realtor
and seller and get everything in motion.

[old moe]

:shrug:Be careful, if you want to leave your home to anyone after you pass, they will have to pay back all the income you received and then some. There are many hidden rules " Fonz" never tells you about on T.V. Do research,carefully! :spoken:

[tippyclubb]

:shrug:Be careful, if you want to leave your home to anyone after you pass, they will have to pay back all the income you received and then some. There are many hidden rules " Fonz" never tells you about on T.V. Do research,carefully! :spoken:

This is true. If the heirs decide to sell the house to pay off the balance they have 6 months to do so. If the house does not sell in that time frame and the loan not repaid the house automatically goes back to the bank.

[Polar Bear]

Just for the record, I'm aware of the risks and downside of reverse mortgages. More curiosity at work than anything else. :^)

[villagetinker]

I have first hand knowledge of a neighbor (back up north) who took out a reverse mortgage at the peak of the housing boom..... She died 2-3 years later and blew the entire $240K!! Now here is the kicker.....the bank when after the estate for the difference in the current value of the house and the amount loaned, since the housing market had tanked, the bank wanted around $80k from the estate. This was so messy that at one point the daughter and granddaughter were looking at filing for bankruptcy. AVOID AVOID AVOID!!!!!

[JourneyOfLife]

Not something I would be intersted in considering.