 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Any idea about. This Reverse Mortgage?
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. |
||||
|
||||
|
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.
|
||||
|
||||
 Originally Posted by gracelly
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 |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
I have a reverse mortgage approved (schedeuled to close next week), but I do not feel that I have been offered the best deal. Can anyone suggest a more (liberal) mortgage outfit to get an offer from? Also, I just read about the baloon option. My property appraises at $400,00 but is...
Hi Everybody, I am renting a house that is probate, the man died in December, he had a reverse mortgage on this house since 1994, he lived to be 99 years old, the original mortgage was brought by another bank, I need help in finding who bought the reverse mortgage, the son said it will go into...
I'm in a similar position but retired with a reverse mortgage on a cheap small house. I see no way at this point of even making my minimum payments on $80K (mostly from emergencies and medical problems, no luxuries). Does anyone know if I could lose my house because of these debts? The only money...
I know how reverse mortgage it works. But suppose the house is owned jointly by husband and wife. The husband is over 62. But the wife is not. What happens to the house if the husband dies. Since both names appear on the deed?
I live in Fl. I got a reverse mortgage and got all of the equity out in one lump sum. The money is all gone now. 2 credit card companies are taking me to court. I did receive notice to appear. I talked to a bankruptcy attorney who told me that any equity from a home is considered non-exempt...
View more questions Search
|
