Retirees selling & moving: news

[RiverBird]

Originally Posted by Cruzincat

To get a reverse mortgage you have to have equity. If you are upside down....

... I have looked into it. Even if they didn't pay me anything, and I lived in the house for a period of time before I "gave it back", that would allow me to live in it and maintain it. Don't think that will work for me.

I don't get what you're saying.

A--even if upside down, there's still equity built up, no?

B--why wouldn't they pay you anything? (that is the purpose, right?)

[HDL]

To be UPSIDE DOWN means that you owe more than the home is worth i.e. NO EQUITY therefore no way to do a reverse mortgage.

Originally Posted by newenglandgirl

I don't get what you're saying.

A--even if upside down, there's still equity built up, no?

B--why wouldn't they pay you anything? (that is the purpose, right?)

[RiverBird]

Originally Posted by HDL

To be UPSIDE DOWN means that you owe more than the home is worth i.e. NO EQUITY therefore no way to do a reverse mortgage.

I was drinking wine, zoned out, thanks for the wakeup.