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REACTIVATED IN CT

(2,965 posts) Tue Jan 17, 2012, 03:22 PM Jan 2012

0

Reverse Mortgages

Someone suggested a reverse mortgage as an option for my friend who can no longer afford her home - mortgage payments, insurance, maintenance, etc on her Soc. Sec. checks. I'm wondering if it is an idea that I should pass on to her.

She still owes on her home (not sure how much). Does a reverse mortgage make sense in that situation ? Is it better than letting the house go into foreclosure ?

4 replies

= new reply since forum marked as read

Highlight:

Reverse Mortgages (Original Post) REACTIVATED IN CT Jan 2012 OP

I am interested in the answers to this question also. jwirr Jan 2012 #1

Check out all the comments on DU2 about Reverse Mortgages. Paper Roses Jan 2012 #2

Thanks. That's why I was trying to figure out how to access DU2. REACTIVATED IN CT Jan 2012 #3

More RM info: See link. Paper Roses Jan 2012 #4

jwirr

(39,215 posts)

1. I am interested in the answers to this question also.

Reply to REACTIVATED IN CT (Original post)

Wed Jan 18, 2012, 12:00 AM

Jan 2012

Paper Roses

(7,505 posts)

2. Check out all the comments on DU2 about Reverse Mortgages.

Reply to REACTIVATED IN CT (Original post)

Thu Jan 19, 2012, 12:26 PM

Jan 2012

Unless you have no heirs, I question the wisdom of using this option. Believe me, I know. I have one and wish I didn't.

http://www.democraticunderground.com/searchresults.html?q=Reverse+Mortgages&sitesearch=democraticunderground.com&sa=Search&domains=democraticunderground.com&client=pub-7805397860504090&forid=1&ie=ISO-8859-1&oe=ISO-8859-1&cof=GALT%3A%23008000%3BGL%3A1%3BDIV%3A%23336699%3BVLC%3A663399%3BAH%3Acenter%3BBGC%3AFFFFFF%3BLBGC%3A336699%3BALC%3A0000FF%3BLC%3A0000FF%3BT%3A000000%3BGFNT%3A0000FF%3BGIMP%3A0000FF%3BFORID%3A11&hl=en

Edited because I goofed with the link.

REACTIVATED IN CT

(2,965 posts)

3. Thanks. That's why I was trying to figure out how to access DU2.

Reply to Paper Roses (Reply #2)

Thu Jan 19, 2012, 02:12 PM

Jan 2012

Turns out that a reverse mortgage would not work for her because her home value has dropped so much that she doesn't have any equity (under water)

Paper Roses

(7,505 posts)

4. More RM info: See link.

Reply to REACTIVATED IN CT (Original post)

Sun Jan 22, 2012, 07:17 PM

Jan 2012

This poor woman.

http://www.democraticunderground.com/101432022

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