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Shawn Said:

WhatMiami,Fl banks deal in reverse mortgages?

We Answered:

The following page shows a list of the top reverse mortgage lenders in the Coral Gables-Miami area:

http://www.reverse-mortgage-information.org/reverse-mortgage-Coral%20Gables.php

The following directory lists contact information for Florida reverse mortgage lenders:

http://lender.reverse-mortgage-information.org/Category/Florida/

I'm not associated with Wells Fargo, but they are the leading HECM reverse mortgage lender in Miami and throughout the country.

Kimberly Said:

Can someone clairify about reverse mortgages?

We Answered:

The loan has to be re-paid when the last borrower on the reverse mortgage vacates the house. The heir then has two options - refinance the home into a new mortgage or sell the home to repay the reverse mortgage. The remaining equity (after the loan is paid off) goes to the heir.

Alex Said:

Are reverse mortgages really a good deal?

We Answered:

'm sorry but there are many misconceptions out there about reverse mortgages. Many of them are listed by some of these replies. Yes they are real.

They were set up by FHA and heavily lobbied by AARP in order to help Senior citizens because they know that social security and pensions do not cut it for a lot of people.

I recommend going to aarp to find some really helpful information.

http://www.aarp.org/money/revmort/...

or here for the most frequently asked questions..

http://www.griffinloans.com/faqs.html...

There really is only one downside to taking out a reverse mortgage. The children are not left with 100% of the value of the home for an inheritance. From my experience and my own personal view, most children would want their parents to live their life to the fullest and don't care if part of their inheritance is reduced. It is YOUR home and you worked hard to pay for it. You should enjoy the benefits of it.

The house is still in your name it just shows that there is a mortgage on the home like any other conventional mortgage. You can take the full amount in a lump sum, split it up in monthly payments or leave it in a line of credit which right now has a growth rate of about 7%. With the line of credit you are only charged interest on what you pull out of the line of credit and that interest rate right now is right around 6.5%. The rest of the money sits there untouched until you need it. These loans are set up so that there should always be equity in the home to pass along to your heirs. Also, you can repay the loan at anytime with no prepayment penalty.

All of this money is tax free and there are no monthly payments to make. You CAN make a payment if you want and are concerned about keeping the balance down. You even get a tax break if you pay back the interest you are being charged.

This is a much better option than a home equity loan which you have to make high monthly payments and if something happens and they get behind could lose their home. With an FHA reverse mortgage there is NO way to ever lose your home or be foreclosed on.

So really the only downside to reverse mortgages is that the heirs wouldn't get 100% of the home value for your inheritance.

I'd be happy to send you some more information if you would like. This is what I specialize in and our company can do reverses almost anywhere in the country. If you would like some more information please email me at bburns@griffinloans.com