harkawy
Lancaster, Calif. 93535
Senior Member
Joined: 04/28/2002
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We have a reverse mortgage. I have no house payments. I don't receive any additional income because at the time I got it, the Feds wereRED lining properties based upon the county that you live in. The max that they would cover for my home was less than I owed on it so I purchased it down. We are doing great on our Social Security payments plus my pension. The only major payment I have is for the motorhome.
We have two married daughters and grandchildren. Both of our daughters agreed that we should do what we need to do in order to survive this economy and that they neither wanted or expected any inheritance.
We are certainly blessed!
Harvey & Helen Arkawy (Life Members of the Good Sam Club)
Lancaster, CA
2000 Coachmen Mirada 340MBS
Roadmaster Falcon 5250 Towbar to gently
pull a 2002 Honda CR-V
or a 1995 Starcraft Starcaster 1700
with a Mercury Force 70
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Bumpyroad
Virginia
Senior Member
Joined: 12/01/2005
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lawnspecialties wrote:
2. Most have ridiculous up-front fees. They rip you off with those fees they take out of the house.
I look at it exactly the same way I look at winning the lottery. you can have $20,000,000 over 20 years or $13,2000,000 now. I'd take the 13.2mil.
bumpy
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knesdad
Wisconsin
Senior Member
Joined: 03/03/2004
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Clark Howard doesn't recommend them except for unusual situations. Visit Reverse.org for a lot of information on Reverse Mortgages.
Dave & Sue
Kiley & Emily
Izzie (Beagle/Bichon/Mini Poodle)
'08 Sierra 2500HD 4X4 Z71, 6.0L, 4.10
'12 Dutchmen Kodiak 284BHSL
Dutchmen RV Owner's Group
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barbandwayne
Eastern Arkansas
Senior Member
Joined: 02/20/2007
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An elderly friend took out a reverse mortgage on their home to help pay for a care giver for his wife who had advanced Alzheimers(feeding tube, etc.)and he couldn't get any help from the government to help with her care. He was able to hire a lady to stay with them during the day and help take care of her until her death. When he died a couple years later, his 2 daughters let the bank have the house. Since they both lived out of state, they didn't have to bother with trying to sell the house themselves. It was a good thing in their situation.
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