U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-26-2010, 11:08 AM
 
Location: Wilkes-Barre,Pa
272 posts, read 877,266 times
Reputation: 132

Advertisements

Im thinking of getting a Reverse Mortage, but what company to get it from?I bank with Wells Fargo, but there are so many others, who has one of these and who did you deal with?
Reply With Quote Quick reply to this message

 
Old 04-26-2010, 02:31 PM
 
Location: Alaska
5,356 posts, read 16,347,342 times
Reputation: 4023
I don't have one, but I suggest you shop around and read all the terms of each contract.
Reply With Quote Quick reply to this message
 
Old 04-26-2010, 03:48 PM
 
29,782 posts, read 34,867,277 times
Reputation: 11705
Quote:
Originally Posted by TransAm View Post
Im thinking of getting a Reverse Mortage, but what company to get it from?I bank with Wells Fargo, but there are so many others, who has one of these and who did you deal with?
Bet you get PM's from lurkers offering to sell you one.
Reply With Quote Quick reply to this message
 
Old 04-26-2010, 04:57 PM
 
71,584 posts, read 71,730,589 times
Reputation: 49184
the fees and interest are rediculous
Reply With Quote Quick reply to this message
 
Old 04-26-2010, 06:14 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,582 posts, read 39,952,759 times
Reputation: 23707
Quote:
Originally Posted by mathjak107 View Post
the fees and interest are ridiculous
and beyond >>>>. (looks like a better idea to get into a private 'shared equity' program, with family, friends or some benevolent lender (not a bank or mortgage company!!!)). There are a lot of "sleeze" promoters in this business, that is never a good sign.

From my numbers, looked like a HELOC was a better way to access your equity.
I'm currently enjoying a HELOC at under 3% that I used to pay off some income props.

There are a couple threads covering this topic RM, not pretty.
Reply With Quote Quick reply to this message
 
Old 04-26-2010, 06:15 PM
 
9,807 posts, read 13,457,708 times
Reputation: 8158
Quote:
Originally Posted by mathjak107 View Post
the fees and interest are rediculous
I agree.

Proceed with caution.( if you insist on going that route)
Reply With Quote Quick reply to this message
 
Old 04-26-2010, 07:18 PM
 
71,584 posts, read 71,730,589 times
Reputation: 49184
by the time they are done with you the costs eat up a good part of what you get. 30,000 plus in fees isnt uncommon on 200,000 in value
Reply With Quote Quick reply to this message
 
Old 04-26-2010, 11:55 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,582 posts, read 39,952,759 times
Reputation: 23707
And.... the $$ you can get are very slim if one of you (if a couple) is very young. (Like under 80...)

Lots-o-dough, for a serious spread ratio...EZ money for lender. + they like you to 'refi' your RM frequently to give them MORE fees.
Reply With Quote Quick reply to this message
 
Old 04-27-2010, 02:25 AM
 
71,584 posts, read 71,730,589 times
Reputation: 49184
they are almost borderline criminal in the way they workout...
Reply With Quote Quick reply to this message
 
Old 04-27-2010, 04:28 AM
 
2,179 posts, read 6,615,604 times
Reputation: 1676
beware some are good many are bad......or just take the money and fly to vegas!!!!!!!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top