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    donzzz77's Avatar
    donzzz77 Posts: 15, Reputation: 1
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    #1

    Dec 20, 2008, 05:02 PM
    Should I get competitive offers on a Reverse mortgage?
    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 depreciated dowm below $200,000. For the Revere. Is a baloon a possibility?

    Any suggestions?
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
    Jobs & Parenting Expert
    		  
    #2

    Dec 20, 2008, 05:17 PM

    Do you have a mortgage on the property? Have you been awarded the certificate from a reverse mortgage counselor? Have you chosen the option of a set amount paid out per month for a period? Have you asked the lender about a balloon payment at the end? (Balloon for Reverse Mortgage - this is fixed amount payments for a period and then one large payment [balloon] towards the end of the term.)
    donzzz77's Avatar
    donzzz77 Posts: 15, Reputation: 1
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    #3

    Dec 20, 2008, 06:53 PM

    I have a payoff amount. But after all the deductions, it is not adequate.
    I just read a statemen about a balloon payment on reversemortgage and they can be subsntantially higher in some caeswe. It showed figures.
    I was looking for someone who knew about balloons in the reverse mortgage area.
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
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    #4

    Dec 20, 2008, 07:13 PM

    Rather than a balloon payment, I think you need to do some phone calling to find out if you can get a better deal ("payoff") in the first place. The housing market is in bad shape right now. Can you wait for a year or two in hopes the housing market improves?
    donzzz77's Avatar
    donzzz77 Posts: 15, Reputation: 1
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    #5

    Dec 21, 2008, 09:03 AM

    No, I can not wait.

    But thanks.

    Donz
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