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Old 04-26-2010, 11:08 AM
 
Location: Wilkes-Barre,Pa
272 posts, read 1,001,111 times
Reputation: 136

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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?
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Old 04-26-2010, 02:31 PM
 
Location: Alaska
5,356 posts, read 18,516,351 times
Reputation: 4071
I don't have one, but I suggest you shop around and read all the terms of each contract.
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Old 04-26-2010, 03:48 PM
 
31,680 posts, read 40,976,802 times
Reputation: 14424
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.
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Old 04-26-2010, 04:57 PM
 
106,246 posts, read 108,257,613 times
Reputation: 79786
the fees and interest are rediculous
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Old 04-26-2010, 06:14 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,661 posts, read 57,789,143 times
Reputation: 46126
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.
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Old 04-26-2010, 06:15 PM
 
9,803 posts, read 16,149,378 times
Reputation: 8266
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)
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Old 04-26-2010, 07:18 PM
 
106,246 posts, read 108,257,613 times
Reputation: 79786
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
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Old 04-26-2010, 11:55 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,661 posts, read 57,789,143 times
Reputation: 46126
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.
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Old 04-27-2010, 02:25 AM
 
106,246 posts, read 108,257,613 times
Reputation: 79786
they are almost borderline criminal in the way they workout...
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Old 04-27-2010, 04:28 AM
 
2,179 posts, read 7,363,891 times
Reputation: 1723
beware some are good many are bad......or just take the money and fly to vegas!!!!!!!
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