Reverse Mortgages

[dlbleak]

Ok, so my MIL is thinking about a reverse morgage. i'm totally against it but can't get some really hard facts to convince her not to sell her equity off. Any suggestions?

 

[Hobbes]

They have some fairly high expenses and fees.
origination fee, appraisal fee, title fee, escrow fee, recording fee, and a monthly servicing fee

If the house needs repairs she won't be able to fund those repairs with a home equity line of credit.

If she becomes incapacitated, moves to an assisted living center, she loses the house after a specified period of time.

 

[1911Sooner]

They are a really bad idea. Go to Dave Ramsey.com and do a search for reverse mortages.

 

[mhphoto]

They are a really bad idea. Go to Dave Ramsey.com and do a search for reverse mortages.

This.

 

[MaddSkillz]

I so can't wait to set people straight on this topic tomorrow.

 

[ZombieHunter]

Reverse mortgages are just snakes Preying upon the mice in the field, do not I repeat do not allow her to lost any "equity" she may have in land or rental units or anything of value ever.

 

[JSPANIER]

Dave Ramsey X 2

 

[criticalbass]

Reverse mortgages are the spawn of the devil and an abomination in the sight of the Almighty. But I'm not passionate about it. Try to help her make a better decision. CB

 

[Porter]

As an experienced banker and finance manager I would strongly suggest that you do whatever it takes to talk her out of this.

 

[4play]

Its just a subtle way for a big investor to screw someone out of something for nothing. If these companies are actually productive why don't they buy all the bad debts and defaults? Huh?