Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question for those of you who've don the homework on reverse mortgages, could you enlighten me? i know reverse mortgages work for some people, depending on their age, the equity theyve built up, and the balance of the property.... im interested in finding the bottom line, downside or reasons to steer clear.... thx By bush-deathgrip Posted on 09/20/07 Total Answers 4 Answers- Reverse mortgages are great for those who did not plan well for their retirement. And need more money to live out the rest of their days. But mind you if you sign up today and die next week. The reverse mortgage lean holder will take the house outright and there will be no inheritance for anyone. If you have equity built up you might try to get a loan off of that. I had Friend who had their kids give them extra money and when they die they get the house. That's a better deal keeping it in the family. Another solution is to sell the house outright and move to section 233 housing. Then the rent is based on your income. AARP has tons or resources on all these subjects and it is worth the small yearly dues. Answer by : KIT On Date 2007-09-20 19:58:44 Here's a good, quick introduction to reverse mortgages, with additional links for more info: http://thismatter.com/money/real-estate/mortgages/reverse-mortgage.htm Answer by : thisMatter.com On Date 2007-09-20 21:04:05 The best thing to do is check the AARP website. It has all the questions there that you need to answer before you or someone else can make a determination if it's a good thing to do or not. That's where I did my research. Answer by : noble8fold On Date 2007-09-20 23:32:05 NO! Up above was written: The reverse mortgage lien holder will take the house outright and there will be no inheritance for anyone Absolutely not true. There are so many misconceptions about this product. No, absolutely it's not for everyone. BUT, it's great for some. Go to this site.. there's a calculator that can give you an idea as to how much money you may qualify for to remove from your home. http://www.reversemortgage.org/ Read some of the information on the site... The lended does NOT take your home UNLESS you do not pay your property taxes and insurance. If someone has a 65k reverse loan today, dies tomorrow and heirs are left with a home appraised at 225k -- the home is sold, the loan paid off and the remaining equity goes to heirs (to be taxed at 45%!! - better off with life insurance proceeds NOT taxed...) Be careful... These boards can be dangerous as often as they can be helpful... Answer by : Giardini On Date 2007-09-21 03:37:05   Go Back To Search Results