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There are sites from various organizations (including AARP and Consumer's Union) that have some good info as well as threads here on the city-data.com/forums . Use search tools.
looking into reverse mortgage........any pros/cons would be helpful
These should be used as a last resort. If you are over 60 contact your local Area Agency on Aging (AAA) for help with the decision. There is an AAA for every place in the U.S. and territories. They can give you a referral for free legal assistance to get some advice for this. There is free legal assistance available for persons over 60 years of age and also for low-income persons of all ages.
Last edited by Sandhillian; 08-15-2009 at 07:07 AM..
Reason: typo
looking into reverse mortgage........any pros/cons would be helpful
The nine years I was an L/O - wrote only one Reverse Mortgage. They are not popular. To qualify for the your need a 50% LTV or better. The lower your LTV score, the more money you can get out. I assume you know that you are signing your house away. Not wanting to leave it to your siblings.
The nine years I was an L/O - wrote only one Reverse Mortgage. They are not popular. To qualify for the your need a 50% LTV or better. The lower your LTV score, the more money you can get out. I assume you know that you are signing your house away. Not wanting to leave it to your siblings.
What is your goal? A lower payment?
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You are not sigining your house away. Your house will go to your heirs with a lien like anyone who passes with an open mortgage.
The nine years I was an L/O - wrote only one Reverse Mortgage. They are not popular. To qualify for the your need a 50% LTV or better. The lower your LTV score, the more money you can get out. I assume you know that you are signing your house away. Not wanting to leave it to your siblings.
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My LTV is $80K to $301. I have no heirs and would rather enjoy the fruit of my equity rather than give it to the Commonwealth when I'm gone.
A reverse mortgage would let me pay off the balance and invest the rest (very conservatively) for future expenses since my 401K took a pretty serious hit.
I was able to cash out and re-invest some of my 401K in CDs during the down slide but unfortunately, it was too little too late. Still, with SS I can live in frugal comfort when I retire at 67.
Reverse mortgages are a good option for some. The costs are a lot more than a traditional loan.
From the information you provided a reverse mortgage might be ideal. You will have to go through counseling first which is intended to protect you.
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