My husband who is going 68 this month,thought of this reverse mortgage.I lack an idea,advantages and disadvantages about. This in the future.Since I am on my fifties, I was told, I have to sign a quit claim in order for my husband to qualify.There's no problem with me signing it, if it's for the good of us.Is there some hidden facts that I need to know that is not beneficial to me in the future?The word quit claim alone means I have nothing to claim,right? But is there other thing that I need to know about. This reverse mortgage?
I would appreciate it very much to hear some feedbacks
Thanks.

I heard they were good when I first heard about that. Since then I have been hearing that the fees/interest make it not worthwhile.
I don't know
Just something I heard.

Hello g:

A reverse mortgage allows people to live off the equity in their house WITHOUT having to sell it. For some people, it could work very well. For others, it might not.

I couldn't make any recommendation beyond that, because whether it would be good for YOU, would depend on your particular financial situation, of which, I have no knowledge.

Plus, as N0 indicated, it's expensive.

If you have a financial planner, I'd run it by him. If you DON'T have a financial planner, I'd suggest you hire one. This is a BIG, life altering decision. It oughtn't be made by guessing.

excon

Thanks Nohelp4u and excon. I researched on line about this reverse mortgage,still I don't fully understand the advantages and disadvantages of it. We're facing a financial difficulty this time paying our monthly mortgage,that's why my husband thought of this as it is advertised many times.I hope I can still hear some other feedbacks to those who availed this, and to those who fully understand this thing.

Quote:

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Originally Posted by gracelly

I don't fully understand the advantages and disadvantages of it. We're facing a financial difficulty this time paying our monthly mortgage

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Hello again, g:

It's NOT difficult. There's only ONE advantage. ONE. Count 'em, ONE. It allows people to live off the equity in their home WITHOUT having to sell it.

It's only one advantage, true. But, it's a darn BIG one.

Basically, you're selling your house to the bank, and granting them a mortgage. They PAY on the mortgage every month, just like any purchaser pays for the property they just bought.

The ONLY difference is (and it's the BIG one), you get to STAY in your house till you die. Then the bank gets it.

I encourage you again to see a financial planner. They'll review your PERSONAL financial information, and make a recommendation based upon the FACTS. It'll only cost a couple hundred bucks for a FEE BASED planner, and it'll be WELL worth it.

excon