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#1 |
Senior Member
Join Date: Apr 2004
Posts: 2,597
Thanks: 153
Thanked 229 Times in 166 Posts
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So how do you pay them back? Do you sign a note promising to pay when the property's sold? Is there a law or something about selling and paying the note back, like a timeframe or something? Can you take a reverse then leave the home to a child??
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#2 | |
Senior Member
Join Date: May 2006
Location: Clayton,NC / Sanbornton,NH
Posts: 611
Thanks: 126
Thanked 137 Times in 75 Posts
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![]() Quote:
Banks didn't come up with this scheme to help YOU. ![]() |
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#3 | |
Senior Member
Join Date: May 2005
Posts: 157
Thanks: 0
Thanked 2 Times in 2 Posts
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![]() Quote:
Reverse can be a good thing, no payments made, house is sold after you dies with the payoff being the principal plus interest, you cna never owne more than it sells for and if it sells for 10x what you borrowed you cna get some proceeds from it. Biggest opposer of a reverse mortgage is the kid who are mad they will get no inheritance yet don't want to pay for the parents expenses while they are alive. My parents bought there retirement home with a reverse, they owe me nothing when they die IMO so having no first mortgage payment or home equity payment is just perfect for them. gives them another $1000/mo to spend having a good time. |
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#4 |
Senior Member
Join Date: Jul 2005
Location: Thornton's Ferry
Posts: 1,307
Thanks: 67
Thanked 172 Times in 128 Posts
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If you just need access to money, try a home equity account. The interest can be a pain though. Make sure you don't fall behind in the payments because they can still take your house.
...And that's all I think I know about that. |
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#5 |
Senior Member
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....say-hey....probably best to fuhgettabout a reverse mortgage and, I should rent out the cottage during the high-rent, summer weeks and move myself into my old, unregistered pickup truck.....someone up the road has an accessory one-room cottage on their lot as well as a large, old laker, waterfront house and does something like this to make money for his prop taxes......maybe become bad-arrhhggg homeless and go live under a bridge during the high-rent summer weeks and live on Pabst Blue Ribbon and cheese-its on a rainy day under the Weirs boardwalk with the big lake view!
__________________
... down and out, liv'n that Walmart side of the lake! |
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#6 |
Senior Member
Join Date: Sep 2009
Location: Moultonborough, NH
Posts: 1,515
Thanks: 394
Thanked 527 Times in 269 Posts
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Sounds like a plan!!!!
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