Comments on: The Reverse Mortgage and Worst Case Scenario http://www.3minutestomidnight.org/2009/02/the-reverse-mortgage-and-worst-case-scenario/ Free Real Estate Articles Wed, 08 Feb 2012 01:22:37 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Scott http://www.3minutestomidnight.org/2009/02/the-reverse-mortgage-and-worst-case-scenario/comment-page-1/#comment-19112 Scott Wed, 04 Feb 2009 02:32:38 +0000 http://www.3minutestomidnight.org/2009/02/the-reverse-mortgage-and-worst-case-scenario/#comment-19112 I am working with a client right now who is stuck in this predicament. The broker gave them a reverse mortgage without explaining. Obviously wanted the fee. These people had no idea they weren't entitled to the equity and are crushed over it. I am working with a client right now who is stuck in this predicament. The broker gave them a reverse mortgage without explaining. Obviously wanted the fee. These people had no idea they weren’t entitled to the equity and are crushed over it.

]]> By: Chelle http://www.3minutestomidnight.org/2009/02/the-reverse-mortgage-and-worst-case-scenario/comment-page-1/#comment-19102 Chelle Tue, 03 Feb 2009 03:54:02 +0000 http://www.3minutestomidnight.org/2009/02/the-reverse-mortgage-and-worst-case-scenario/#comment-19102 Personally I never saw reverse mortgages as a great idea...while maybe in some exceptional cases they might make sense, I don't think it is anything I would recommend to anyone or do myself. Personally I never saw reverse mortgages as a great idea…while maybe in some exceptional cases they might make sense, I don’t think it is anything I would recommend to anyone or do myself.

]]> By: Brenda Moody http://www.3minutestomidnight.org/2009/02/the-reverse-mortgage-and-worst-case-scenario/comment-page-1/#comment-19100 Brenda Moody Tue, 03 Feb 2009 01:34:49 +0000 http://www.3minutestomidnight.org/2009/02/the-reverse-mortgage-and-worst-case-scenario/#comment-19100 I am seeing a lot of advertising for reverse mortgages. The ads make it look like you can live out your dreams of travel, cars and so on by getting your hands on your equity. I agree with your article. People should use caution with reverse mortgages. Once the money is used, so are the options. From my experience, line of credits are tricky too. It is far too easy to depend on it and then find yourself paying hundreds of dollars in interest every month, never touching the principal. You are wise to speak out on this topic given the current economic situation. Thanks! I am seeing a lot of advertising for reverse mortgages. The ads make it look like you can live out your dreams of travel, cars and so on by getting your hands on your equity.

I agree with your article. People should use caution with reverse mortgages. Once the money is used, so are the options. From my experience, line of credits are tricky too. It is far too easy to depend on it and then find yourself paying hundreds of dollars in interest every month, never touching the principal. You are wise to speak out on this topic given the current economic situation. Thanks!

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