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Old Streetfighter Motorcycle Forum Post 08-16-2019, 03:37 PM   #1
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Default do any of my fighter friends know abouy reverse mortges

I need some advice guys
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Old Streetfighter Motorcycle Forum Post 08-17-2019, 01:35 AM   #2
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Default Re: do any of my fighter friends know abouy reverse mortges

Don't know much.
Homeowner has to be careful on the way payments are received.
Can disqualify the homeowner for medi-caid or other benefits based on income.
Payment is due in full if the homeowner dies, moves, or leaves for a year.
Fees are very high, compared to conventional loans. Fees rolled over to loan amount.
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Old Streetfighter Motorcycle Forum Post 08-17-2019, 02:02 AM   #3
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Default Re: do any of my fighter friends know abouy reverse mortges

it's the bank buying your property, and betting it will appreciate to be more valuable than what they pay you for it, but you still live their till you die or sell. tons of variables, do a shitload of reading. if you can't figure it out, hire a good attorney (not one that is recommended to you, one that is verifiably excellent)
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Old Streetfighter Motorcycle Forum Post 08-18-2019, 03:08 PM   #4
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Default Re: do any of my fighter friends know abouy reverse mortges

well thanks guys that sounds like good advice so who's job is it to do these things your original lender ,a real-estate agent ,broker, bank ....who's door do I knock on first?
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Old Streetfighter Motorcycle Forum Post Yesterday, 12:34 AM   #5
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Default Re: do any of my fighter friends know abouy reverse mortges

If you're not 62 or older, you're not eligible. Understand a "reverse mortgage" is a still a loan you have to pay in the end. If you have heirs you want to leave the house to, this is a bad way to go.

A good easy to understand article on reverse mortgages:

https://www.thebalance.com/what-is-a...ortgage-315699
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Old Streetfighter Motorcycle Forum Post Yesterday, 08:25 AM   #6
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Default Re: do any of my fighter friends know abouy reverse mortges

the reality is a reverse mortgage is still selling a property, and since most of the people getting them are old as fuck, they don't really like to splits hairs about the numbers, and can get fucked. I would be careful. Realistically the best people to speak to are people who do reverse mortgages. So, loan officers at the reverse mortgage depot? Just always talk to multiple people.
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