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In reply to the discussion: I'm considering a reverse mortgage on my house. Anybody here have one, or know something about them? [View all]Kali999
(56 posts)24. mom has one
She's had it a long time. She's in Cali and had to get insurance through the state. Because she was jerked around by insurer and they want to get out of there. She's sunk a lot of money keeping it up. She needed new duct work . Air conditioner broke this summer. She has had roommates that help. And a horse she can't ride or sell. She 80 something now.Make sure both names are on it.
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I'm considering a reverse mortgage on my house. Anybody here have one, or know something about them? [View all]
CTyankee
Oct 4
OP
We are in our 80s and hubby is handicapped. No, we don't have accommodations for renting a room.
CTyankee
Oct 4
#4
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
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
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
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
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
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
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