NLIC.org

Ricky Said:

Is a Reverse Mortgage a safe loan?

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.…


_____________

Dale Said:

Where can I get the best Reverse Mortgage loan?

We Answered:

I found this website for you on that topic. Seems to have links to the best Reverse Mortgage lenders:

http://reversemortgageresource.blogspot.…

Roger Said:

What's the down-side of a reverse mortgage loan?

We Answered:

Only one I know of is that it has to be paid off if the home is sold. Otherwise if you die then they just sell the home because it's theirs. If an heir wanted it then they would have to pay off the loan by refinancing or paying it off. When I reach that age I will think about doing that just so I can put the money with the rest of my investments and my heirs can take the money after I pass and use it however they see fit. They won't have to worry about selling a home.

It accrues interest and is usually an ARM so it would cost more money for an heir to pay off if you live too long. So usually it's best to talk to those who may have interest in the property after your death before you make a decision like that.

Raymond Said:

Are there any circumstances that would help qualify a 55 yr old man on disability for a reverse mortgage loan?

We Answered:

hello, here's a
link that might help you to find out :
http://finance.ebookorama.com/
also perhaps here:
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
http://credit-cards.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you, thanks!