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  1. #1
    Join Date
    Nov 2008
    Location
    USA
    Posts
    1

    Reverse Mortgages

    Hi,
    You can choose to get the money from a reverse mortgage at once as a total sum, get fixed monthly payments either for an established term or for a term you live in the house, as a line of credit, or as a combination of these possibilities. See more info: How a reverse mortgage works?
    Regards!

  2. #2
    Join Date
    Jan 2009
    Posts
    9

    Re: Reverse Mortgages

    I could not agree more!

  3. #3
    Join Date
    Mar 2009
    Posts
    35

    Re: Reverse Mortgages

    Reverse mortgages may be a fine option for some people, but I would suggest getting information from a more objective site. The one that was linked to in an earlier post, fixedsecondmortgage.com, is a commercial site, and its registrant's address is a home in Panorama City, Calif.

    Here's one that gives a balanced view of the pros, cons and potential pitfalls:

    http://www.ftc.gov/bcp/edu/pubs/cons...mes/rea13.shtm

  4. #4
    Join Date
    Mar 2009
    Posts
    35

    Re: Reverse Mortgages

    I should also add that a quick Google search indicates that "Mark Zultz" has been signing up on Internet forums of all types to promote fixedsecondmortgage.com. I guess it's cheaper than buying ads.

  5. #5
    Join Date
    Jul 2009
    Posts
    5

    Re: Reverse Mortgages

    A reverse mortgage is a loan against your house that you don't have to repay for as long as you live there. It can be paid to you all at the same time, as a regular monthly advance, or at times and in amounts that you select. You pay the cash back and interest when you die, sell your house, or permanently move out of your house.
    Who's Eligible All owners of the home must make an application for the reverse mortgage and sign the loan papers. All borrowers must be at least 62 years old for most reverse mortgages. Owners sometimes must occupy the home as a principal residence ( where they live the bulk of the year ). Single family one-unit dwellings are eligible properties for all reverse mortgages. Some programs also accept 2-4 unit owner-occupied dwellings, together with some condominiums, cooperatives, planned unit developments, and made homes.
    Mobile houses are often not eligible. How they're employed Reverse mortgage loans typically need no repayment for so long as you live in your house. But they must be paid back in full, including all interest and other charges, when the last living borrower dies, sells the home, or permanently moves away.

  6. #6
    Join Date
    Oct 2007
    Location
    Baltimore, MD
    Posts
    96

    Re: Reverse Mortgages

    Don't go to those fake websites above. Go to AARP for unbiased advice: http://www.aarp.org/money/personal/reverse_mortgages/.

    Reverse mortgages have hefty fees. Although you don't pay them out of your pocket, they increase the money you owe. The amount of money you qualify for is based purely on the appraised value of your home and your age, not your health. You must have enough equity in your home. If you are upside-down on your mortgage, you don't qualify.

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