Reverse Mortgages

[BeachbumAggie]

I just thought I'd share that my hubby does reverse mortgages and can do them in Florida as well as Texas and several other states. He's the company's trainer as well as my favorite reverse mortgage loan officer!

If you or a loved one are 62 or older and own your own home (it doesn't have to be paid off) and are interested, let me know and I'll put you in touch with him.

 

[scooterbug44]

What happens when your mortgage is fully "reversed" and you're not dead?

 

[SHELLY]

What happens when your mortgage is fully "reversed" and you're not dead?

You join the "Bailout Conga Line."

.

 

[BeachbumAggie]

What happens when your mortgage is fully "reversed" and you're not dead?

If I have it straight, you can do lump sum or monthly payout. You don't pay back until you die (clearly you don't pay back then but your estate does) or you move.

 

[beachmouse]

IIRC, once you've maxed out on the reverse mortgage, you still get to live in the house as long as you can. You just don't get to take any more cash for equity from it.

Most of the time, it's not a good solution if you're got multiple income streams in retirement. But for the people who only have social security plus their house and are scraping by on less than $1,000 a month in SS, a reverse mortgage can sometimes make their retirement years significantly more comfortable without them having to leave a home and area that they love.

 

[poppy]

Who owns the home in a reverse mortgage?

 

[traderx]

Who owns the home in a reverse mortgage?

Homeowner.

 

[SHELLY]

Who owns the home in a reverse mortgage?

Homeowner.

...with a big, fat, honking lien from the lender attached.

.

 

[poppy]

Homeowner.

With what type of restrictions?

 

[scooterbug44]

If I have it straight, you can do lump sum or monthly payout. You don't pay back until you die (clearly you don't pay back then but your estate does) or you move.

You have to pay it back when you die? I thought the way it worked was that you basically sold your home to someone in increments - that's what the infomercials tell me anyway!