Question about reverse mortgage……?
I’m trying to find out some helpful information for my parents. They are considering a reverse mortgage, but so far my Mom has only spoke with one lender……We live in SC, and the last time they had their house appraised it was for $91,500. or somewhere around that amount…..The lady she spoke to on the phone today told her that if her house is appraised at only 91500 she will only get around $60,000. and that is before the closing cost and other fees, which all that added up to be around $14,000. Does this sound right? We were thinking that she should be able to get more than that…..If anyone has any experience in this, any advice would be appreciated. I’ve found a list on the Gov. website for hud approved reverse mortgage lenders…..Maybe she should call around for the best deal? Thanks guys and I hope everyone had a blessed Christmas!
oh yea, and if it helps any, my parents don’t have a current mortgage. They owe nothing.
God bless……
This is actually pretty good, they usually go to about 60% of the value.
There will not be ANY of these that will pay your mother a fair market value. They make their profit on the back end, with the equity instead of interest.
If your parents have other options they should go with those, this one is not a good deal, no reverse mortgages are.
What is a Reverse mortgage loan lender information Knoxville TN
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The Reverse Mortgage Residential Foreclosure Program $31.5 The Reverse Mortgage Residential Foreclosure Program |
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The Reverse Mortgage Advantage $27.95 The house-rich way to generate income for a comfortable retirement A reverse mortgage lets homeowners age 62 and over turn part of their home equity into tax-free income without having to sell … |
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Reverse Mortgages For Dummies $14.43 A simple, easy-to-use guide to reverse mortgages for seniors and their families Reverse Mortgages For Dummies provides readers with the information they need to determine if a reverse mortgage … |
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Hud $19.99 Hud – Poster |
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