Aug

16

What is the trick to reverse home mortgages programs? It seems to good to be true?

Filed Under Renting & Real Estate 

home mortgages
S_Monica asked:


I have been looking into this for my Dad, but it really seems to good to be true. I know there has to be a trick to this.

HERSHEL

Comments

4 Responses to “What is the trick to reverse home mortgages programs? It seems to good to be true?”

  1. drewxjacobs on August 17th, 2008 11:12 pm

    No, there is no trick, but it is a loan. The person getting the reverse mortgage has to owner/occupy their home and all people listed on the title are 62 or older. The loan does not have to be paid back until the house sells, the owner dies or permanently moves out. Of course, the heirs would have to pay off the loan if they wanted to keep the house.

    Contact one of the mortgage companies and ask for information. It may be perfect for you and it could be a nightmare. I wouldn’t borrow money that I did not absolutely have to have.

  2. allen555 on August 21st, 2008 3:17 am

    You need sound financial advice. Some buy back companies time limit how long you can reside in the property.

    0800 531 60 32
    and get the Daily Mail guide to unlocking cash from your home.

  3. Jcontrols on August 22nd, 2008 2:41 pm

    These are not loans! You give up your home to the company and they allow you to live there! You won’t be getting any estate from your dad ,eh? ;-(=

  4. Replace on August 24th, 2008 4:00 pm

    I have had one for some time. I think it is great. You DO NOT
    lose ownership of your home.
    Mine is through Wells-Fargo (recommended by my local bank). Ask the loan officer at your Dad’s bank for more info and referral.

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