Reverse Mortgages
- Thread starter BeachbumAggie
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the guidelines are the same and fees are in fact capped
"Reverse Mortgage" sounds more like a palatable name for a loan and is not a mortgage at all, unless I'm just not understanding the process.
It's a mortgage alright just not the kind predicated upon income and credit. Certainty of returns is based on certainty of death which is why one must be 62 or older to qualify. Money is paid back upon moving out of the home or death. Mortagee has no interest is waiting for a 22 year old to die. Time is money.
TooFarTampa
SoWal Insider
Also, the older you are, the more $$ you get. It's probably a better deal for those in their mid-70s who are in danger of running out of money, or already have.
So to get this straight, I can get a monthly check if I'm 62 and they have to keep sending it to me until I die or the equity runs out?
I heard about something like this in Europe, but you basically pay rent until the owner dies, the down side is that it can be assigned to your children, something about a 60 year-old woman do it and living to 110.
The guy who set it up never saw the inside of the house and his kids were still paying when she died.
I heard about something like this in Europe, but you basically pay rent until the owner dies, the down side is that it can be assigned to your children, something about a 60 year-old woman do it and living to 110.
The guy who set it up never saw the inside of the house and his kids were still paying when she died.