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    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
    Ultra Member

    Jan 2, 2019, 10:23 AM
    Reverse Mortgage
    One of the church members is thinking about a reverse mortgage.
    I know they have some expensive fees. Do they take those fees
    Off the amount before you receive the funds. He thinks he will get the whole $100,000
    talaniman's Avatar
    talaniman Posts: 54,328, Reputation: 10855

    Jan 2, 2019, 01:13 PM
    Best to have an expert to run his numbers and explain his options, so he can make an informed decision based on FACTS.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
    Ultra Member

    Jan 2, 2019, 01:18 PM
    Thank You
    Athos's Avatar
    Athos Posts: 949, Reputation: 55
    Senior Member

    Jan 2, 2019, 04:47 PM
    The fees are paid either up front or from the proceeds of the loan. If they are paid from the proceeds, your church member will not get the whole $100,000. The amount will be reduced by the cost of the fees.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
    Ultra Member

    Jan 3, 2019, 03:41 AM
    Very Good

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