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Old 03-16-2009, 09:19 PM
 
882 posts, read 1,977,147 times
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This is probably a question left to lenders, but I was wondering while we're in the housing rut that we're in if such animal still existed, and if it would make sense for people to still do a reverse mortgage if your home is paid off if they could use the extra money.
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Old 03-17-2009, 09:52 AM
 
Location: Wake Forest, NC
835 posts, read 3,679,560 times
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Sure reverse mortgages are still available. They are an FHA program.
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Old 03-17-2009, 07:09 PM
 
Location: Apple Valley Calif
7,474 posts, read 20,593,438 times
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Reverse mortgages are only for the extremely desperate. If your financial problems are about to swallow you up and you have no other choice, look into them, otherwise, stay far, far away from them..
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Old 03-18-2009, 08:44 PM
 
Location: Lowlands
271 posts, read 1,125,113 times
Reputation: 168
They are not for desperate people at all, they are very good for retired people that own their home.

They want money now, it will be no use when they are dead. They could enjoy their later years now.
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Old 04-27-2009, 11:28 AM
 
Location: Irvine, California
55 posts, read 109,034 times
Reputation: 26
There are 3 programs currently available today. The HECM (Home Equity Conversion Program) is the most popular because it's sponsored by HUD and insured by FHA. Bank of America also offers a Jumbo product called the "Platinum" program and 1st Reverse just recently introduced a Jumbo Reverse Mortgage program, but it's so new I don't know the name of it. You'll need to contact Bank of American and 1st Reverse directly, because they only offer them to consumers directly.
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