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Rosa Said:

buying a home with reverse mortgage?

We Answered:

It wouldn't make sense

A reverse mortgage is for people that want to tap the equity that they have in their house. i.e. Your dad owns a house that is worth 200k. He gets a reverse mortgage that pays him a monthly payment for a certain number of years, and he gets to stay in the house. When he dies, the house is owned by the mortgage company.

In your case, your dad would have to buy the house. He would need to incur closing costs and a down payment. And, he wouldn't even have any equity (beyond the down payment) to tap into. If he has the money, have him keep it in a fixed investment and rent out a house or apartment.

Kathy Said:

Public Records Reading- Mortgages, Do home equity loans show or just reverse and second mortgages?

We Answered:

all mortgages and liens against a property are available if you go to the court house and research the property. and usually people take second mortgages when they already have a first mortgage and a home equity loan is really a second mortgage .

Danny Said:

Should a 72y/o widow w/no other assets sell home pay off reverse mortgage take remaining equity and rent apt?

We Answered:

Reverse mortgages aren't bad for the right people and it sounds like she might be a good candidate. Just to sell it for the sake of paying off the mortgage solely doesn't make sense to me unless she needs to move into hospic care of something.
Is there is a lot of debt she needs to pay and would benefit from a cash out? If she is happy there, and the terms are good...let her stay.

Warren Said:

Anyone know of a work at home position with a Reverse Mortgage company?

We Answered:

Contat them in person.
This is how you find a work at home job.
Look around your area of local companies and banks that do this.
Ask for an interview.
They will train you and perhaps want you to work at their location for a while first though.

I hope you know that reverse mortages are usually a bad idea.
It is considered one of the top 10 financial mistakes a person can make in their lifetime.
** Just letting you know - don't get brainwashed into thinking this is a good financial idea for retired people.
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