Reverse mortgages

[143tbone]

Anybody out there doing this? If so, is it working for you? I looked back to see if this has already been talked about but got tired after scanning dozens of threads. Probably should be talked about again anyway.

[Bobbieo]

1. Yes, it was discussed the other nght. Still have the copy

if you are intersted. Let's see what happens here, first. It's is okay if you have no heirs so it won't work for me.

[Old and In the Way]

2. I wonder if anyone will offer them going forward.

In a market where homes continue to increase in value, it's a pretty safe bet that the guy offering reverse mortgages will make out OK. In a declining market, the risk of pegging the future property value becomes an issue. I wonder how those contracts are working out for those that sold out at the top of the market?

[fenriswolf]

3. ultimatly the bank ends up getting your house

your lifes work, if I owned a house and was comfy i would rather hold auditions when my time was nearing an end and give my house to a family that could use it rather then to the banks. I understand alot of people wnat to live out their golden years on cruises and what not, just thinking it would be very good karma to pass along to a needy family rather then a greedy bank.

[provis99]

5. you are my new hero

Sounds like a dandy idea. When I get close to kicking the bucket, I might just sign over the house to a needy family too!

[jaysunb]

4. Check this out

I recently got a wealth of info ( including a DVD ) from Indymac. It was extremely enlightening and helpful. I've given the DVD to 2 friends so far and both couples are VERY happy to have seen it.

Go to www.financialfreedom.com . You can request it there. They don't ask for much more than your email and snail mail address.

I think you'll get all your questions answered.

Good Luck

[enid602]

6. reverse mortgage

I like to think of reverse mortgages as sort of an insurance policy. I hope my IRA, pension and SS will be enough to carry me through retirement, but I just feel better knowing I'll be able to tap into my home equity should the need arise.