Talk of The Villages Florida - First Mortgage Interest Rate

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Quote:

Originally Posted by manaboutown (Post 2100723)

You had a very smart accountant! I doubt he would recommend his clients take out reverse mortgages except under very rare and exceptional circumstances.

Well he was certainly smarter than I, at least back then. (smile). However, if he is still in the biz, and has educated himself as many have, he is sure to explain to seniors the use the equity in their homes with a Reverse. It is a wise decision that many just don't "get".

But I understand how people have been misled over the years, confusing today's program with days of old.

First one in 1972 was about 6.5% if memory serves me. Most memorable was 1984, when I was transferred - procured a mortgage for 16.5%, which the company took over and loaned back to me at 12%. In ‘84 12% was a bargain! The company had to do that or otherwise employees wouldn’t be able to afford to transfer.