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reverse mortgages

chris38
chris38
I am considering going through this process with my mother because I want to update the house. Wondering if this is a good idea....Anyone have any positive or negative feedback on their own experiences or from what they have heard???
deleted_user
deleted_user
No idea. I would be careful though maybe go online and do some research. Do you want me to see if I can find out any info on it.? Hugs. Mishka. Hi Bonehead. LOL
cinnie
cinnie
my mother had did it shortly after my father passed away.

all it is one is using the equity already in the home it worked for her depends on ones circumstances.

You may want to look into it though my mother asked her bank for a package kit with all the info on it explaining it in detail. Hope it helps...~hugs~
deleted_user
deleted_user
The problem with reverse mortgages is that there will be no inheritance from the equity in the house after she passes. No matter what the value of the house is, the bank gets it all.
Please do lots of research before doing anything. It sounds better than it is.
cinnie
cinnie
that may be so robin but again depends ob ones circumstances.With my mother none of us her kids need anything we are all set plus have our own homes.It helps her in her circumstances and she gets to live her life as she wants out in her home. No big deal the bank gets the home after she passes so again it depends soley on ones circustances is all I am saying and everyone is entittled to there own opinions