NLIC.org

Lucy Said:

information about reverse mortgages from someone who has done it?

We Answered:

I do not like reverse mortgages.
Most people decide to move out of their home at around age 80.
Since they can no longer cut the grass or even get around.
At that time, they will have NOTHING to their name.
Nothing, absolutely nothing.
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Kyle Said:

reverse mortgage information needed?

We Answered:

Reverse Mortgages are designed for citizens w/80 to 90% equity in their homes. Only a small mortgage is considered. I did mine 10 years ago and only owed 29,000 and qualified for a lump sum advance. Other options are monthly payments or equity line of credit. Sorry, unless your able to pay a mortgage down to a low level, RM won't work for you.

Mario Said:

Am I eligible to sign up for a reverse mortgage?

We Answered:

You are eligible for a reverse mortgage at your age, I sent my parents this website which my friend runs and he did a very informative article about reverse mortgages. I suggest you take a look, http://thatfreebieguide.blogspot.com/2010/07/how-can-you-forget-your-parents-getting.html

He is also quite funny and includes some tidbits to keep you from stressing out.

Susan Said:

INFORMATION ABOUT REVERSE MORTGAGES?

We Answered:

Should have posted this in the Finance area. LOL
- I found this. Check this out: http://www.reversemortgage.org/

Frederick Said:

Does anyone have a reverse mortgage, If you do how is that working out. I would like some information on them.

We Answered:

Downside - they get it at 62 or 65, 66, whatever. They spend the extra cash over say, ten years. In ten years the money in the house is gone (principal + interest) and one or both needs to move into nursing home/assisted living. They may be left more or less broke. Other than that, reverses are an excellent option

Lisa Said:

Where can I find information on Reverse Mortgages for Canada?

We Answered:

www.canadareversemortgage.com/

Jerome Said:

does anyone have any information on a reverse mortgage?

We Answered:

NO, it is a bad deal. You are pretty much giving your house away and you could end up with no assets and many more years to support yourself.