Another sitution where a single person without childern or any concern about estate left , may make a reverse mortgage not a bad idea, to help fund retirement
If you can afford homeowners insurance on a house in today's market you don't need a loan.so your gonna borrow 100 grand,pay 5000 a year for ten years for insurance to satisfy the reverse mortgage lender plus upkeep and everything else they require and if you go live with your kids for a year it's game over...if you can afford all that why do you need to borrow money?
A reverse mortgage is a last resort only. Basically you are giving back your home to the bank at a higher interest rate than you purchased it for and with crazy high fees. The reverse mortgage is only for those who completely failed to plan.
@@edhcb9359 I agree with the first part. Sometimes circumstances arise that could force even a good planner/retiree to a decision point on a reverse mortgage. Life is unpredictable.
Great info, thanks!
@@cherylfrederick530 thanks Cheryl!
Another sitution where a single person without childern or any concern about estate left , may make a reverse mortgage not a bad idea, to help fund retirement
I agree
Im over 60..no kids no family..might be an idea ?
in the right circumstances, possibly.
@@WalhoutFinancial in 10yrs if I'm alive
If you can afford homeowners insurance on a house in today's market you don't need a loan.so your gonna borrow 100 grand,pay 5000 a year for ten years for insurance to satisfy the reverse mortgage lender plus upkeep and everything else they require and if you go live with your kids for a year it's game over...if you can afford all that why do you need to borrow money?
never
When you want to be living on the street at 85 years old !!
Any time a commercial starts by saying "look, nobody is trying to steal your home"best believe they're trying to steal your home.
A reverse mortgage is a last resort only. Basically you are giving back your home to the bank at a higher interest rate than you purchased it for and with crazy high fees. The reverse mortgage is only for those who completely failed to plan.
@@edhcb9359 I agree with the first part. Sometimes circumstances arise that could force even a good planner/retiree to a decision point on a reverse mortgage. Life is unpredictable.