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The Water Cooler
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Reverse Mortgages
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<blockquote data-quote="Shoot Summ" data-source="post: 1328385" data-attributes="member: 1055"><p>From what I have heard this may be OK for someone on a fixed income IF they manage the fees and rates of the RM to respectable level and they have no other option. It seems that this is an opportunity for some to use predatory practices at the expense of the homeowner.</p><p></p><p>This is a huge change from the way most of us were raised. I have always been focused on paying off the house, and have paid off 2 in my short life rolling the equity into the subsequent house. With the RM you are cashing out the equity in the house, not unlike a 2nd mortgage except there is no payment for the RM. I've also been of the mind that a 2nd was a bad thing as well, but that is just me.</p><p></p><p>The challenge for the person with the fixed income is managing the spending of the RM funds, probably not wise to go crazy and splurge......</p></blockquote><p></p>
[QUOTE="Shoot Summ, post: 1328385, member: 1055"] From what I have heard this may be OK for someone on a fixed income IF they manage the fees and rates of the RM to respectable level and they have no other option. It seems that this is an opportunity for some to use predatory practices at the expense of the homeowner. This is a huge change from the way most of us were raised. I have always been focused on paying off the house, and have paid off 2 in my short life rolling the equity into the subsequent house. With the RM you are cashing out the equity in the house, not unlike a 2nd mortgage except there is no payment for the RM. I've also been of the mind that a 2nd was a bad thing as well, but that is just me. The challenge for the person with the fixed income is managing the spending of the RM funds, probably not wise to go crazy and splurge...... [/QUOTE]
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