jukngene

That's cause you use a Mac.

Just like the Grand Tour links. Just Google Reverse Mortgage HUD.

Legal Bill

I FORBID you from getting a reverse mortgage. I will sue your financial advisor if he suggests you get one.

I have represented victims of this program. I have waited on hold to discuss my clients' past due balances with the collection department. I have sat through conferences with my client and the expense management advisors that the mortgage company require you to speak with to see if your living expenses can be cut to meet your debt. I have received calls from clients who just received their fifth, sixth or seventh demand and threat of foreclosure. I have dealt with the children of the homeowners who are trying to keep mom and dad in the home. I have researched this issue and spoke with experts. The bottom line is simple. If you don't have the money to stay in your home, sell the home and buy one that you can afford. The cost of meeting your obligations under the loan, including taxes, maintenance and repairs, in addition to your other living expenses, can eat through the reverse mortgage loan and you can end up without the finances needed to meet your obligations under the loan. Fall behind on your property taxes and you are done for. Anyone who wants to hear more, just send me a PM with your phone number and I'll give you a call.

jukngene

^Uncle Bill is wise.

hecash

I went all the way through the required counseling with regard to my mother's house in Mass. At the end of the day I concluded that it did not work for her or for our family. The fees, although negotiable, are high. The interest rate is also high. I could not make it work for my mother at all.

Take advantage of Bill's most kind offer if you are considering a reverse mortgage.

Lainey

Thanks, Bill. I knew costs were high and that people did have issues. Didn't realize how many issues.

Keep that big house you have in case we need to move in with you. We'll even let you drive the Porsche.

dlq04

Thanks for the insight Bill. My grandmother signed over her home to a nursing home that agreed to take care of her till her death. I was too young to know if that worked out as she had planned; appears it did. However, my mother always swore her attorney took some of her collectibles and kept them rather than selling them. All I know is my mother did not get some of the things she was promised.

S2KRAY

Thanks for that tidy bit of information. A reverse mortgage sounds like a scam to me. Thanks Bill.

Legal Bill

In my opinion, it is a trap for the financially strapped who own a home. You get a sum of money well below the market value of your home. Plus the requirement to continue paying all the maintenance and taxes. If you were running out of money before you reverse mortgaged your house, the expenses that drove you to that point will only continue and increase after you receive your discounted sale price. If you fall behind, the ruthlessly foreclose on the mortgage and add in all the typical collection fees and costs.

dlq04

Excellent info Bill. Thanks.

Len44

Thanks for weighing in on this important topic, Bill. Wise words no doubt.