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| wallace6 |
 Posted: Mon Feb 28, 2005 6:40 pm Post subject: Reverse Mortgages |
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Investing Sr. Associate
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| Does anyone here have a reverse mortgage? I understand they can be of benefit to those that have retired and need extra cash without having to have earned income to get the loan. |
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| paula0000 |
| Posted: Tue Mar 01, 2005 11:58 am Post subject: |
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Investing Manager
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| I'd be interested in knowing as well. I have never heard of this. |
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| keokagal |
| Posted: Sun Mar 06, 2005 3:10 pm Post subject: |
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Investing Sr. Associate
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| My FIL has a reverse. He's happy w it as he plans on remaining in his home for life. I hope I don't have to do that. My mort. will be paid off in <12yrs. |
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| paula0000 |
| Posted: Wed Mar 09, 2005 2:51 am Post subject: |
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Investing Manager
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| How does a reverse mortgage work though...do you get money off the top for home repairs or improvements or something and then pay it back over time? I'm not really sure what a reverse mortgage actually is. |
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| keokagal |
| Posted: Wed Mar 09, 2005 11:12 am Post subject: |
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Investing Sr. Associate
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| Basically you are selling your home back to the bank. They cut you a check for living expenses monthly. I'm sure there is more to it, but that's all my FIL told me. |
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| paula0000 |
| Posted: Sat Mar 12, 2005 7:36 am Post subject: |
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Investing Manager
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| So, when would that be a good option...if you need some equity out of your home? Just curious. |
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| keokagal |
| Posted: Sun Mar 13, 2005 4:34 pm Post subject: |
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Investing Sr. Associate
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| When you are retired, living on a fixed income, and are not leaving an estate for your kids. |
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