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Reverse Mortgage, Good or Bad idea?

 
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sasi77



Joined: 31 Jul 2010
Posts: 37

PostPosted: Mon Aug 30, 2010 10:16 am    Post subject: Reverse Mortgage, Good or Bad idea? Reply with quote

My Parents are in their 70's, have a house worth $100,000 and owe about $50,000. They have heard good things about Reverse Motgages. My initial reaction was "No Way! Don't just give up your house to the bank..." but I wanted more information on the process and if it will help them out...
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DamianaIndu



Joined: 31 Jul 2010
Posts: 87

PostPosted: Sat Sep 04, 2010 2:33 pm    Post subject: Reverse Mortgage Reply with quote

A reverse mortgage provides income that people can tap into for their retirement. The advantage of a reverse mortgage is that the borrower's credit is not relevant, and is often unchecked, because the borrower does not need to make any payments. Because the home serves as collateral, it must be sold in order to repay the mortgage when the borrower dies (in some cases, the heirs have the option of repaying the mortgage without selling the home). These types of mortgages have large origination costs relative to other types of mortgages. These costs become part of the initial loan balance and accrue interest. Senior citizen borrowers with good credit should carefully analyze the options of a more traditional mortgage, such as a home equity loan, against a reverse mortgage.
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