General Discussion

onecent

(6,096 posts)

13. I'm sure each case is different, but I know a mother and daughter who have the reverse

Sun Aug 10, 2014, 12:28 PM

Aug 2014

mortgage. The mother is 93 and has lately been put in a nursing home, thus the monthly income she was getting to buy groceries, pay utilities, car, so forth is now going to the nursing home. The nursing home is WAITING for the house???...the daughter is still in the house but has to find another place to live and she is on disability, but not enough money to maintain the home. The mother's name was the only name on the reverse mortgage as it was the only name on the loan.

The daughter is facing homelessness, and she has no other relatives to depend on.

I would say in this case it wasn't maybe the brightest idea, but it has kept them both afloat
until the mother is in nursing home - the bank is taking the home.

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Does anyone know anything about reverse mortgages? [View all] panader0 Aug 2014 OP

If you have a partner make sure both names are on the deed CBGLuthier Aug 2014 #1

I Think They Are A Scam On Desperate People. TheMastersNemesis Aug 2014 #2

He is so F'en gross. I would never patronize anything thing that F'er is pushing! n/t RKP5637 Aug 2014 #5

Avoid it if you can. nt LittleBlue Aug 2014 #3

Per Wikipedia: Cooley Hurd Aug 2014 #4

You are sure your kids wouldn't want it? LOL...reverse mortgages are a scam, but the funny thing is snooper2 Aug 2014 #6

A former neighbor had one. greatauntoftriplets Aug 2014 #7

A reverse mortgage chervilant Aug 2014 #8

A tactic of the One Percent being used to transfer assets woo me with science Aug 2014 #9

Thanks all for the info. panader0 Aug 2014 #10

My mother had a reverse mortgage honeylady Aug 2014 #11

Fred Thompson likes them ... GeorgeGist Aug 2014 #12

But, but.The Fonz? panader0 Aug 2014 #14

I'm sure each case is different, but I know a mother and daughter who have the reverse onecent Aug 2014 #13

Yes REP Aug 2014 #15

Got one a year ago. It's worked out great. Tierra_y_Libertad Aug 2014 #16