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Antonio Said:

Is a Reverse Mortgage a safe way to get some equity out of my home?

We Answered:

A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement. My mother had a house paid in full in Santa Barbara, CA but was living off of social security checks. I helped her get a reverse mortgage loan from Financial Freedom. Then she was living life to the fullest until she passed away 6 years later. My siblings were livid when they found out she got that loan, because they thought she would eat up their inheritance. But she sure loved life those last years of her life, going to the off-track horse racing, bought a new car, new hi-def tv, remodeled her kitchen with Viking appliances. So, yes it can be a very good thing. But you must remember that it is basically selling your house slowly back to a financial institution. If my mom would have lived long enough, my brother and sister (and me) would not have inherited a dime, but that was ok with me.

Anyways, you can find some info and resources about reverse mortgages here:

http://reversemortgageresource.blogspot.…


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Thomas Said:

to obtain reverse mortgage for health reasons does it based on equity you have in your home or the value of it

We Answered:

Both. A reverse mortgage is based on the value of your house but that value is reduced by any outstanding mortgage(which has to be paid off with the first distribution from a reverse mortgage).

Katie Said:

If a person takes a reverse Mortgage on their home (leaving little or no equity) can the person then sell?

We Answered:

The borrower still owns the home. So yes, the home can be sold, but if it is, the reverse mortgage must be repaid at that time. Just like any other mortgage, the home must be clear of liens when it is sold.

Roberto Said:

Reverse Mortgage?

We Answered:

i would speak to the heirs about this.

reverse mortgage PAYS YOU EVERY single month for the rest of your life. you get to live in the home and not have to worry about making a mortgage payment.
they take the equity of your house...and pay you

your heirs can buy back the home after you pass away.


on a regular mortgage YOU have to pay the mortgage..