Your question is too broad, even for Yahoo, to give an answer that would be truly helpful for you. And I am obviously biased because I originate reverse mortgages and placed my own parents on one, when they could no longer handle their monthly mortgage payments on SS & VA. My siblings and I had time but no money to help them out.
A reverse mortgage is a good, solid program insured and highly regulated by FHA, but it doesn't make it the best program for everybody, all of the time. But just because it may not turn out to be the best program for you at this point in your life, doesn't make it a bad program. You have to look at all your options, your immediate needs, your long term goals. Each program has its own pros and cons.
As a general guidance, if you plan to move relatively soon for whatever reason and if leaving an inheritance is more important to you than anything else, than a reverse mortgage is probably not your best option. But if you don't want to move, want to improve your life, perhaps no longer work or not full time to qualify for a loan, don't have children or have children who are self-sufficient and want what's best for you, perhaps are on a limited income for growing monthly expenses like medical or home improvement, or just want to get out from under a large monthly mortgage payment - then a reverse mortgage may be a strong option for you. Without knowing all of the above, it is difficult to tell you which way to go. My suggestion to you is to think of your needs and your goals; talk to your children; talk to your CPA and financial adviser if you have one; try to talk to folks who have a reverse mortgage, go through the reverse mortgage counseling (you can still get it for free if you call around); talk to a regular bank or your credit union as they will have their own opinion. Then look at all your options. Don't say "No" to anything without having done your own research first. If you have a more specific question, I would be glad to answer.
You have to be 62 or over. It is a drastic move so only do it if you really need it. You are taking a loan against the home. You can choose to make payments on it or not. When you pass away or move and no longer intend to live in the home (nursing home) the bank will take your home unless your heirs can pay the loan. If that is acceptable to you and you really need it then do it. You put sweat equity into the home and the money can make your retirement easier.
You can instanly obtain an online payday loan as much as $1000 using this site: http://loans.servermatrix.org I managed to get my payday loan despite the fact that I had extremely negative credit rating.
unless u destitute SKIP IT.
great way to lose house as proven over the
decades.
do your research or get a house equity loan / line of credit
on the house.
one of the worst credit products still on the market.
it isn't too bad if u planning on passing a way in near future.
check with FTC, AARP.org do your research.
If you have had any insights that you'd be willing to share I'd appreciate your input. Thanks in advance.
