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Elizabeth Said:

I can't get a reverse mortgage, so what are my other options?

We Answered:

Go to your local court house, and do a "guick claim deed" back to your mom. The cost is determined by the county you live in, say 25,00. This will be recorded and on the books at the court house. I take it there is no mortgage? If there is a mortgage, who's name(s) is it under, yours or your mom's. ??

But, like I mentioned, if no mortgage, do the quick claim deed, and than see if you can apply for a reverse mortgage. But, understand that all the rules of a reverse mortgage, ok - check them out on the internet - do a search if you have not done that as of yet. Good Luck to you and your mom.

Clinton Said:

Has anyone here actually gotten a "Reverse Mortgage" on their home? How did you like it?

We Answered:

My first suggestion is not to listen to the answers already given as they are WRONG.......With a Home Equity Reverse Mortgage (HECM) which accounts for 90% of Reverse Mortgages and Regulated by the Federal Govt. (HUD) it is Ferderal Law that you must always remain on title. You will always be the owner of the home ....the bank never ownes the home. I suggest you go to AARP.org, HUD.gov, ReverseMortgage.org. Part of the safeguards the Govt. has built in to Reverse Mortgages is third party counseling which is at no cost to you. AARP has counselors along with Money Management International to name a few. They are fully versed in reverse Mortgages and will give you an independent view an whether one is right for your particular situation. You can look at these resources and gather a wealth of information and if it is right for you then proceed to a Reverse Mortgage Consultant. I don't know where you are but EverBank is a leader in the field and also my employer. Fell free to contact me with any other questions.
Thanks
Stephen