Home equity reverse mortgage

[maryanna630]

Has anyone investigated this product? Scott Burns talks about it as an excellent way to have some extra money in retirement. It seems interesting and I wonder if anyone here is using it.

[Chatbrat]

Be very very careful, if its advertised on television it doesn't usually have YOUR best interest in mind.

[maryanna630]

I don't have a TV. Scott Burns has been around a long time; the Wall Street Journal also had an article on this.

[billethkid]

Don't rely on mechanisms like TOTV or television when considering such a major financial commitment.

There are some reverse mortgage horror stories involving what happens when people on the deed pass....either one or both....impact on remaining family members.

Get the straight information from a mortgage banker or better yet a mortgage lawyer.

[Nucky]

It's a matter of finding the correct company to deal with. Best to consult a lawyer even if you have to pay a couple of dollars it's worth it so your not disappointed after your holding the money. I'm on the ball and when I read the paperwork they send its rough and I feel like it's a little short on giving all the info. I'm going to do it when the time is rite and leave nothing behind. If there is a couple of dollars I didn't spend I want it tucked up my sleeve at the parlor. Lol. I'm gonna spread around some dough while I'm alive to hear about the kids enjoying it.

[maryanna630]

Thanks. We don't want to leave a legacy either.

[rjm1cc]

If you need money and have no other options.

[njbchbum]

Thanks. We don't want to leave a legacy either.

The best legacy anyone can leave to their family is sharing and spending good times with them for as long as one can before they cannot! Receiving $$ when a relative dies is NOTHING compared to having had the possibility to enjoy it together.

My sisters and I recently lost our Mother and would give anything to have her her instead of what she left as an inheritance.

[Nucky]

The best legacy anyone can leave to their family is sharing and spending good times with them for as long as one can before they cannot! Receiving $$ when a relative dies is NOTHING compared to having had the possibility to enjoy it together.

My sisters and I recently lost our Mother and would give anything to have her her instead of what she left as an inheritance.

njbchbum is on the ball 100% I couldn't agree more.

I'm with you, let 'em all know what they mean to you now. I hardly ever delay happiness. Just a suggestion. This coming holiday season bring a gift to a child who is hurting or a meal to a family that is facing rough times and if you do this here comes the best part....don't tell anyone you did it...keep it between you and whoever you believe in. This is the most beautiful gift you can give yourself and help someone else. Life is funny, you never know. If you tell anyone you'll spoil it for yourself. Good Luck.

Reverse Mortgages shake me up because I don't fully understand them yet. The people they use to advertise on television concern me also. Henry Winkler....come on gimme a break.

[dotti105]

Citizens Mortgage offers seminars every few weeks which go over the Reverse Mortgage process in great detail.

They charge no origination fees, Companies which advertise with Fonzie or Fred Thompson charge thousands in origination fees.

Hubby was a mortgage broker for years before the Mortgage fiasco in 2007. We attended the seminar because he was very interested in learning about this product and if it is indeed as dangerous and desperate a measure as we had heard previously.

The facts are very interesting. Your heirs are not negatively effected at all. The mortgage insurance covers the deficit if there is one. They are in no way responsible for any neg. equity. And positive equity in the home at the time of the death of the last borrower belongs to the heirs.

It is gov't insured and actually a very interesting product. Could be a great choice for certain situations.

Check out their seminars. They are very upfront about fees, interest rates, limitations etc.
good info!