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DON'T deRien Oct 4 #1
The bank owns the home afterward. Doesn't it? LuvLoogie Oct 4 #2
We are in our 80s and hubby is handicapped. No, we don't have accommodations for renting a room. CTyankee Oct 4 #4
Be careful. They can turn out to be expensive. Here's some info from the FTC: Ocelot II Oct 4 #3
Folksy Tom zselleck is punchable XanaDUer2 Oct 4 #5
Yes, he is. My tax guy is not; he's solid and can give me good advice. I don't think we are his first clients who have CTyankee Oct 4 #6
Better to claudette Oct 4 #7
Don't do it. Our neighbor did and regretted it later. OLDMDDEM Oct 4 #8
why did they regret it? CTyankee Oct 4 #9
The money he borrowed accumulated interest to the point where there was no equity in the house. He died and left OLDMDDEM Oct 4 #10
We don't have kids from this marriage. Neither his nor my kids would even want it and would consider it to be a pain in CTyankee Oct 4 #12
I understand your points. There are up front fees also. My neighbor's fees were about 15% of the borrowed amount. OLDMDDEM Oct 4 #13
That seems like a lot. I don't know CT's tax in my case. Again, a question for my accountant who is very familiar with CTyankee Oct 4 #14
I agree. Talk with your professional about it. Good luck. OLDMDDEM Oct 4 #15
I am a CPA and do not recommend reverse mortgages. Big Blue Marble Oct 4 #18
Doesn't sound so bad. louis-t Oct 4 #30
Beware: President Reagan was behind it! Omnipresent Oct 4 #11
Yes, reverse mortgages are part of the array of strategies by the wealthy Big Blue Marble Oct 4 #19
Trickle Up. (n/t) Iggo Oct 7 #42
I looked into one a few years back and found the terms just horrible. gristy Oct 4 #16
My 1st choice would be, if you have the funds, pay off the mortgage. Fla Dem Oct 4 #17
The key thiing here is that we get to stay in our house. The escrow amount just went up A LOT. CTyankee Oct 4 #20
Escrow should be for taxes and insurance PennRalphie Oct 4 #21
I am going to the bank that holds our mortgage to discuss this with them. They might have an idea for us. CTyankee Oct 4 #22
Good luck! PennRalphie Oct 4 #27
If you've owned your house for 25 years, it must be worth a whole lot more than you paid for it! Vinca Oct 4 #23
We did consider it but we love our home and want to stay in it for as long as we can. CTyankee Oct 4 #25
mom has one Kali999 Oct 4 #24
I have not done it, but I am extremely suspicious. Do your research. Depending on your state, you may be.. surfered Oct 4 #26
If you run the numbers they aren't as predatory as they might seem (assuming the bank is reputable) Shermann Oct 4 #28
Reverse mortgages are not terrible if you can get over some psychological hurdles MaryMagdaline Oct 4 #29
Not sure why I would even care about dying broke. CTyankee Oct 6 #36
Your kids do not inherit your debt Lulu KC Oct 6 #37
I don't know if they have changed since I did mortgages but I did not recommend them to any clients. Bev54 Oct 4 #31
It depends on your own situation. BlueinUtah Oct 5 #32
Thank you! CTyankee Oct 5 #33
Happy to help BlueinUtah Oct 5 #34
I haven't had my call with my tax preparer yet (it's tomorrow) so I'll have good info from him. CTyankee Oct 5 #35
Have you looked into refinancing? Lulu KC Oct 6 #38
Thanks. I"ll review the possibilities with them, I am sure. CTyankee Oct 6 #39
Sometimes Lulu KC Oct 6 #40
Don't feel guilty BlueinUtah Oct 7 #41
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