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Roger Said:

cons of senior lending network ..is there a cheaper solution to reverse mortgage?

We Answered:

The cost of a Reverse Mortgage is weighted on the front end. Remember, a sizeable amount of money, or line of credit is put up by a lender, for the borrower to use with no payment as long as the borrower lives in the home.

If your goal is to live in your home for as long as possible, the initial cost is justifiable, but if you need money for a short term goal and plan to sell or move in a year or tow - this loan was not designed for you.

Generally the fees on the front end are required to be financed fees - meaning they are not out of pocket. The only caveat is if you do not have enough equity in yor home to do the loan with out bringing money to the table. This occurs when you owe more than the Reverse Mortgage can give you. Some will put money in at close to relieve themselves of a house payment for the rest of their lives.
The bottom line is - get all the information you can, then decide if it is right for you. www.reversemortgagefinance.com

Ronnie Said:

Can a person (age 70) w/ bad credit and multiple refinances on their home be eligible for a reverse mortgage?

We Answered:

I'll keep it simple.

I couldn't really follow your numbers, but the bottom lines is equity.

There must be a sufficient amount of equity in the home to qualify for a reverse mortgage. As long as she's 62 years old or older and the HOUSE qualifies, then all that other stuff doesn't matter.

Try this calculator to get an idea:

http://www.financialfreedom.com/calculat…

I'm not promoting one company or program over another, but this is a quick and easy referrance that I like to use.

Once you see that she qualifies, THEN, you need to decide if a reverse mortgage is right for her.

Good Luck.

P.S. Put a "Credit Freeze" on her credit. This way nobody can issue her credit until she is notified (you can put your contact info for notification).