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12-02-2007, 04:31 AM
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#1
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Montana Master
Join Date: Jul 2006
Location: K.C.
Posts: 11,731
M.O.C. #5980
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Reverse mortgage
Anyone have one? pro's and Con's?
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12-02-2007, 05:15 AM
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#2
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Montana Master
Join Date: Apr 2007
Location:
Posts: 992
M.O.C. #7128
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I applied for one a few years ago through Wells Fargo. It was not at all what I expected, they wanted to do the deal for $86000.00(all they would offer) on my place, which appraised for much, much more. From reading their contract it appeared they planned to get the place for that amount if and when I popped off.Now here is the kicker, reading closely, they would sell the property at their choosing and keep the difference from the sell price and the amount they advanced. We didnt do business. On the other hand a close friend of mine did the deal and it worked out very well. Now he recently passed away, his window will now have the home for the rest of her life. So I recon its like so many things, make your best deal and read the fine print very carefully.
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12-02-2007, 06:46 AM
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#3
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Montana Master
Join Date: Jul 2006
Location: K.C.
Posts: 11,731
M.O.C. #5980
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Thanks, I am looking into it.
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12-02-2007, 08:11 AM
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#4
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Seasoned Camper
Join Date: Jan 2006
Location: New York
Posts: 63
M.O.C. #5229
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I am a Certified Finanical Planning practitioner. The reverse mortgage products are getting better but they are very expensive and should be thought of as a last resort. The older you are the more money you can get but there are other options that should be considered before using a reverse mortgage.
If you want to ask more specific questions, PM me.
Nick
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12-02-2007, 08:35 AM
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#5
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Montana Master
Join Date: Jul 2007
Location: Merlin
Posts: 668
M.O.C. #7368
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Ozz, good to plan, but with the housing market droping, I think any deal you do will not be very good because of that. Now planning and gathering information for possible use in the future is allways good.
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12-02-2007, 08:53 AM
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#6
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Montana Master
Join Date: Sep 2004
Location: Leona
Posts: 6,382
M.O.C. #2059
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My exploration of it led me to look at other options with better yields. It is sort of like using your house as an fixed annuity rather than leaving resources in an open market. Some people like the fixed income, but I prefer to risk the open market for the opportunity to reap higher gains.
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12-02-2007, 10:10 AM
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#7
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Montana Fan
Join Date: Jan 2007
Location: Cresco
Posts: 447
M.O.C. #6693
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I think my DW and I will just leave our place to our two kids to decide what to do with. Don't really need the extra money at this time anyway. My son-in-law is also a financial advisor, but I use a different one for our business. Not that I don't trust him, but I have been with the other one for a number of years . Long before son-in-law was around....JB
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12-02-2007, 10:35 AM
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#8
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Montana Master
Join Date: Sep 2004
Location: Leona
Posts: 6,382
M.O.C. #2059
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That is smart, deadeye. Keep business as business and family as family. As a professional counselor, I would never counsel a family member, close friend or a business associate. It was considered unethical.
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12-02-2007, 10:55 AM
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#9
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Montana Master
Join Date: Jul 2006
Location: K.C.
Posts: 11,731
M.O.C. #5980
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Thank all of you, the more information I can get, the better decisions I can make.
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12-02-2007, 04:09 PM
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#10
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Montana Master
Join Date: Nov 2003
Location: Santa Fe Springs
Posts: 4,189
M.O.C. #639
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Can we do one on the Monty?? It's classified a second home when we do our taxes.
__________________
Pulling a 2004, 2980 RL an oldie but goodie.
Tow vehicle is a 2009 RED RAM 3500 DRW.
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