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Yolanda Said:

Reverse Mortgage question, please help!?

We Answered:

GET A HOME EQUITY LINE OF CREDIT.

You are waaaay too rich for a reverse mortgage.

Edwin Said:

What do appraisers look for in valuing a property for refinance?

We Answered:

Bottom line, they look at what comparable homes sold for in the last 6 months. No upgrades or improvements will give you 100% return on investment, so it is probably not in your best interest to throw a bunch of money at this in an attempt to get a larger amount for the reverse.

Of course you want your house to be neat and tidy when the appraiser comes through.

Reverse mortgages are typically loaded with fees. I recently heard a mortgage broker call the reverse mortgage "the sucker bet of the mortgage market," as the brokerage is the big winner here because of the costs to the consumer. You may want to explore other options besides the reverse.

Mary Said:

Does anyone understand Reverse Mortgage?

We Answered:

The money is repaid from your estate when you pass. Depending on the contract it could just be the house is forfeited an no other monies owed. I am surprised you received a reverse mortgage having refinanced, but it is done now.

Make sure the bank will let you sell for the amount owed. I doubt they will, it should be stated on the reverse mortgage.

Cody Said:

What would be the smartest or safest thing to do if you ...?

We Answered:

Laura, visit www.daveramsey.com and listen to his show. Look around his website. Crown Financial is another good one to go to. Be cautious.