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OT What do you know about REVERSE MORTGAGES
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OT What do you know about REVERSE MORTGAGES

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Posted By Posted Date/Time
CalvinMD 24-Jan-09 - 08:22 PM ET
need to shoot more 24-Jan-09 - 08:27 PM ET
ALF-99 24-Jan-09 - 08:32 PM ET
Big Jack 24-Jan-09 - 08:44 PM ET
Big Heap 24-Jan-09 - 08:50 PM ET
BDodd 24-Jan-09 - 09:01 PM ET
midalake 24-Jan-09 - 09:10 PM ET
CalvinMD 24-Jan-09 - 09:14 PM ET
halfmile 24-Jan-09 - 09:21 PM ET
dmarbell 24-Jan-09 - 11:13 PM ET
halfmile 24-Jan-09 - 11:20 PM ET
Don Rackley 25-Jan-09 - 09:15 AM ET
grnberetcj 25-Jan-09 - 09:24 AM ET
dmarbell 25-Jan-09 - 09:25 AM ET
Trap2 25-Jan-09 - 09:47 AM ET
Tron 25-Jan-09 - 10:12 AM ET
BAD 303 25-Jan-09 - 10:19 AM ET
stokinpls 25-Jan-09 - 10:45 AM ET
dmarbell 25-Jan-09 - 03:19 PM ET
BT-100dc 25-Jan-09 - 04:35 PM ET
tripod 25-Jan-09 - 04:36 PM ET
dmarbell 25-Jan-09 - 05:10 PM ET
CalvinMD 25-Jan-09 - 05:20 PM ET
comp 1 25-Jan-09 - 05:46 PM ET
claybrdr 25-Jan-09 - 05:48 PM ET
dmarbell 25-Jan-09 - 07:09 PM ET
halfmile 25-Jan-09 - 09:03 PM ET
grnberetcj 26-Jan-09 - 01:04 PM ET
dmarbell 26-Jan-09 - 06:25 PM ET
ddrsuz 26-Jan-09 - 07:02 PM ET
CalvinMD 26-Jan-09 - 08:47 PM ET
midalake 26-Jan-09 - 10:17 PM ET
halfmile 26-Jan-09 - 11:01 PM ET
BDodd 26-Jan-09 - 11:12 PM ET
dmarbell 26-Jan-09 - 11:30 PM ET
gold40 27-Jan-09 - 12:10 AM ET
Cy-Kick 27-Jan-09 - 09:12 AM ET
cubancigar2000 27-Jan-09 - 11:52 AM ET
ddrsuz 27-Jan-09 - 12:01 PM ET


Subject: OT What do you know about REVERSE MORTGAGES
From: CalvinMD
Date: Sat, Jan 24, 2009 - 08:22 PM ET
Website Address:

I have a family member considering one of these Reverse Mortgages and I have assisted to this point by requesting all the info I can from any source I could find. Please if you could my wise compadres tell me your thoughts, tips ..anything you know at all about these and whether they are good, bad or total shams for that matter or what circumstances would need to be present for it to be a smart move...Thanks in advance

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Subject: OT What do you know about REVERSE MORTGAGES
From: need to shoot more
Date: Sat, Jan 24, 2009 - 08:27 PM ET
Website Address:

In general I have heard they are full of fees on the front end of the deal, I am sure there will be more specfic info given but I am guessing not much of it positive? Good Luck, Jim Z.

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Subject: OT What do you know about REVERSE MORTGAGES
From: ALF-99
Date: Sat, Jan 24, 2009 - 08:32 PM ET
Website Address:

All you really need to know is the date your going to die . Go over this date and you die on the street .

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Subject: OT What do you know about REVERSE MORTGAGES
From: Big Jack
Date: Sat, Jan 24, 2009 - 08:44 PM ET
Website Address:

A bit of incorrect info..Any time you refinance there are upfront carges..most will be tied right into the loan itself,,You'll receive monthly installments to the limit you borrow..70 or 80% of the property value (in will be appraised) If you should outlive the installments, you live there ubtil you die and then the property will be sold to settle the loan. The balance goes to your heirs. You will continue to pay the taxes & upkeep just like with any mortgage. Get a local broker to explain it to your relative. It does permit a senior to remain in their home for the balance of their time.

Big Jack

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Subject: OT What do you know about REVERSE MORTGAGES
From: Big Heap
Date: Sat, Jan 24, 2009 - 08:50 PM ET
Website Address:

Compare REVERSE MORTGAGES to a home equity loan. Fees and interest charges might be less. Each case is different.

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Subject: OT What do you know about REVERSE MORTGAGES
From: BDodd
Date: Sat, Jan 24, 2009 - 09:01 PM ET
Website Address:

It appears to me Jack's got a better handle on it. I also seem to see on web pages that two things happen that benefit the elders: 1, you don't have a mortgage payment any more and, 2. you receive monthly payment for the remaining equity of the home or, you can, at least in some cases, take a lump sum for the remainder of your equity. So, if your mortgage now is $1000/month and the balance of your mortgage loan is a hundred thousand, and the reverse mortgage folks agree that your home is worth two hundred thou, you pay off the current mortgage leaving one hundred thou available to you monthly or in possibly lump sum. You DO remain in the home till it's sold or you die and if you leave the home for any reason, the amount paid to you must be settled with the sale of the home and the rest goes to your heirs. In the above scenario, you'd suddenly have $1000 available a month since your mortgage is paid off plus you could be getting monthly payments or a lump sum for the remainder of your equity. Definitely you should get full explanations from your advisors....breakemall....Bob Dodd

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Subject: OT What do you know about REVERSE MORTGAGES
From: midalake
Date: Sat, Jan 24, 2009 - 09:10 PM ET
Website Address:

It is a scam plain and simple. If the home is paid off it would be better to take out another secured first mortgage, or some other type of fixed equity loan. Then set up a payment plan to yourself, and collect the interest. There are many lenders that will do principal payments only. This would be the better way.

GS

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Subject: OT What do you know about REVERSE MORTGAGES
From: CalvinMD
Date: Sat, Jan 24, 2009 - 09:14 PM ET
Website Address:

I think the program they were considering is collecting a lump sum...I told them that I would fear that the IRS would consider that a massive capital gain and tax the bejesus out of them on the lump total.....Thanks for the advice and knowledge guys,..please keep it coming...I'm trying to make sur someone doesn't lose their home sweet home to more of these sleazy-assed swindling banker types

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Subject: OT What do you know about REVERSE MORTGAGES
From: halfmile
Date: Sat, Jan 24, 2009 - 09:21 PM ET
Website Address:

I have been seeing the commercials, etc and I can't for the life of me figure out how this would work inless the housing market went up forever like the unknowing thought they would a couple years ago.

NO one is going to give you money unless they are sure they will get more than they give back. Period.

Additionally, If you get them to commit to a value of say, 200 thousand on your house, and work up a deal based on that price, what happens if the current trend continues and it's worth 135K in 2-3 years?

Someone is going to take it in the shorts and I guarantee it won't be the lender.

Tell them to give the house to the kids, with a life estate so they stay there for the rest of their days, and let the kids give them money.

HM

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Subject: OT What do you know about REVERSE MORTGAGES
From: dmarbell
Date: Sat, Jan 24, 2009 - 11:13 PM ET
Website Address: http://www.reversemortgagenation.com/danielmarbell/

Here is my web site. Also go to www.aarp.com to read about reverse mortgages.

Reverse mortgages are FHA backed programs. There are fees, like any mortgage, and then there is mortgage insurance to make sure the banks don't lose money on the deals. How else are you going to get a loan on your house, with no payments required, and you get to live in it until you die or move out? Minimum age is 62, so payments can go on for quite a few years.

Lines of credit are ok, but require monthly payments. Itra-family transactions can make sense, but require the risk of the homeowner living too long.

There is no fixed term, unless you want to fix the term of the payments you receive, but then you still get to live in the house until you die or move out.

Unlike what halfmile said, there is no revaluation in the future, except upwards. If the value of the house goes up, you can refinance and get more money. The loan never requires you to make a payment, until you die or move out. Then the loan must be repaid, but never out of pocket for anyone. The mortgage insurance makes sure the loan is non-recourse.

For those who need or want it, there is nothing else like it.

Danny

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Subject: OT What do you know about REVERSE MORTGAGES
From: halfmile
Date: Sat, Jan 24, 2009 - 11:20 PM ET
Website Address:

So what happens when the payments you have received exceeds the value of the home? Somehow I can't fathom a lender willingly going underwater on the deal.

Who decides what monthly payments you can receive? I'm sure that is not negotiable by the owner.

Can you reverse mortgage another property like a vacation home? Or is it only available on a primary residence?

HM

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Subject: OT What do you know about REVERSE MORTGAGES
From: Don Rackley
Date: Sun, Jan 25, 2009 - 09:15 AM ET
Website Address:

A friend of mine looked into it and the real scam was, the bank valued the house about 50% off what is was worth and therefore they had very little risk.

It is a scam.

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Subject: OT What do you know about REVERSE MORTGAGES
From: grnberetcj
Date: Sun, Jan 25, 2009 - 09:24 AM ET
Website Address:

Wait until you know you only have 2 yrs. left to live. Refi the whole shabang at 125% and only make token payments. The lender cannot take the house as long as "good faith" payments/tokens are made.....spend all the excess money and have fun...then die.

Whoever is left can worry about the pieces!!

Curt

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Subject: OT What do you know about REVERSE MORTGAGES
From: dmarbell
Date: Sun, Jan 25, 2009 - 09:25 AM ET
Website Address:

FHA (HUD) guarantees the deal. The bank can't lose money, because the loan is FHA insured. The monthly payments are pre-determined, based on the age of the homeowner(s) and the value of the house (determined by appraisal). Only the primary residence can qualify for FHA reverse mortgages.

Here's an example. Husband 75 years old, wife 72. Loan is based on wife's age. House value $200,000. Monthly payments for joint lifetimes is $760.87. Or lump sum proceeds of $126,880.98. Financed closing costs are $8,482.50, including $4,000 of mortgage insurance.

No payments ever on the loan. Loan is non-recourse, meaning only the home will be used to repay the loan. Heirs can pay off the loan, sell the house and pay the loan, or if the house can't be sold, let the bank have it. The latter almost never happens (at least in the past), as the bank will allow sufficient time for sale, and they just want their money. Difference is paid by the mortgage insurance.

Most folks' house is one of their biggest assets, with a zero rate of return to the owners. RM turns this large asset into cash or payment stream, without having to move or sell. Heirs are disinherited from some or all of the equity in the house, however.

Note: my opinion follows. No one over age 62 need have a mortgage payment, if cash and income are issues, and the loan can be paid with a reverse mortgage.

Danny [For full disclosure, I make a fee when someone uses my bank for the reverse mortgage.]

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Subject: OT What do you know about REVERSE MORTGAGES
From: Trap2
Date: Sun, Jan 25, 2009 - 09:47 AM ET
Website Address:

I spent almost a year investigating the pro's and con's of a reverse mortgage. I, too, had heard the horror stories of people losing their homes, etc. This was all true when reverse mortgages first became available. The company that originally set them up, Trans-America, was, how shall I put this: Questionable ethics? This company alone put the stigma into the phrase "Reverse Mortgage". Once the government, FHA, became involved, it became a whole different ball game. Jack, Bob Dodd, and Danny, above are all correct. In the end, I decided a reverse mortgage was the best way to go for me, as I had set some goals in my life that can now be accomplished quicker now that I have no house payment. Those of you that say it's a scam, or a ripoff, really have no first hand knowledge what a reverse mortgage can do for you, or how it works. While not for everyone, they are a valuable tool if you know what you want to do. The up-front fee is high, but the benefits far outweigh the fee in my case, and I would venture a guess it would be for others as well. The only way to find out if it is right for you is to talk to a reverse mortgage broker, or lender. We took ours out with Wells Fargo, as they offered us the best package with the lowest fees. I have not made a house payment in over a year and have been extremely happy with my decision. Would I do it again, knowing what I know about how they work and what's involved? Absolutely!! Dan Thome (Trap2)

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Subject: OT What do you know about REVERSE MORTGAGES
From: Tron
Date: Sun, Jan 25, 2009 - 10:12 AM ET
Website Address:

Well, if Robert Wagner thinks it's a great idea, then that's all you really need to know. Wasn't he in a series called "It takes a thief"?

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Subject: OT What do you know about REVERSE MORTGAGES
From: BAD 303
Date: Sun, Jan 25, 2009 - 10:19 AM ET
Website Address:

Those of you insisting it is a scam either have no understanding of the process or don't want to understand it. It works great for the people it is intended for. Those over 62 that have a home paid for or lots of equity. It can provide instant income while the heirs never have to worry about paying back or owing money on the home after the owners death. The FHA insures that the process never puts someone on the street. If you outlive the value of the home then the insurance policy kicks in. It can supply the owners with fixed incomes some extra money until death. It however seems to work best if you take the lump some amount out and invest it yourself in a safe enviroment so your heirs get that amount upon your death. The house will most likely not have any equity but the lump sum should still have a portion left for the heirs. Not a scam of any kind. But also not for every home owner either.

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Subject: OT What do you know about REVERSE MORTGAGES
From: stokinpls
Date: Sun, Jan 25, 2009 - 10:45 AM ET
Website Address:

They had a radio show on this last Saturday when I was driving back from the gunshow.

They give you between 50-60% of the value of your home in either payments or a lump sum. They cannot evict you from your home if "the payments run out", otherwise they wouldn't be able to offer you a lump sump payment. If the bank that does the transaction actually loses any money, good ol' Uncle Sugar picks up the loss. If you go into a nursing home prior to the payments ending, guess who gets the payments. Sounds like a guaranteed 50% end sum game. Not sure I like losing 40-50% on the home's value. It'd be a little better to have a crystal ball.

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Subject: OT What do you know about REVERSE MORTGAGES
From: dmarbell
Date: Sun, Jan 25, 2009 - 03:19 PM ET
Website Address:

Don Rackley,

The appraised value of the house is used as a starting point for the loan. No one is going to lend you 100% of the value of your house, with no repayment required until you die or move out.

The appraised value in my example above is $200,000, determined with an appraisal just like any other mortgage loan. The lending limit for the loan was just over $140,000. That ensures that the loan never exceeds the value of the house in the future, within limits. Then fees and service set-asides reduce the loan to $126,881. What other possibilities are there for getting 63% of the value of your house, tax free and non-recourse, meaning no out-of-pocket ever? Unless you live too long, and all the equity in your house is used up, there will always be some money left over for heirs.

By the way, the loan is "negative amortization," which means the interest is added to the principal, and becomes principal for the subsequent calculation. The loan balance grows instead of coming down, thus "reverse mortgage."

Danny

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Subject: OT What do you know about REVERSE MORTGAGES
From: BT-100dc
Date: Sun, Jan 25, 2009 - 04:35 PM ET
Website Address:

If they're advertising to draw in the 62 plus generation, it cannot be to your benefit. What I've learned so far would not fit in my scheme of things. However, why not let us reverse mortgage our shotgun? Darrell

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Subject: OT What do you know about REVERSE MORTGAGES
From: tripod
Date: Sun, Jan 25, 2009 - 04:36 PM ET
Website Address:

A lot of them have a 10 to 15% up front fee. I would not ever use them as I think there are better ways. My mother in law got $250 per month and after just a few years we sold the place and we owed Wells Fargo over$55,000. Its pretty deceiving unless you get a lawyer to read it over.

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Subject: OT What do you know about REVERSE MORTGAGES
From: dmarbell
Date: Sun, Jan 25, 2009 - 05:10 PM ET
Website Address:

tripod,

In my above example, if the homeowners decided to take $250 per month, the loan balance would be $57,987 after ten years (not just a few years). This includes all upfront fees financed in the loan, all the money paid out, plus interest on all that.

Amortization tables, at the expected interest rates, are included with all the loan packages. Rates are variable rates, so if they go up there is less equity left at termination.

In some cases there is no better way. Take a widow, with house worth $200,000 living on social security. Needs income. Should she try to tap into her largest asset to create income? Any other mortgage creates a monthly payment requirement. Should she spend down her available cash? How would you like to be, say, eighty years old with no cash (after spend down), house paid for and living on social security?

Danny

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Subject: OT What do you know about REVERSE MORTGAGES
From: CalvinMD
Date: Sun, Jan 25, 2009 - 05:20 PM ET
Website Address:

That means that the sooner the occupants vacate or sell to payoff the lower the payoff balance because of the lack of time accrueing interest?

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Subject: OT What do you know about REVERSE MORTGAGES
From: comp 1
Date: Sun, Jan 25, 2009 - 05:46 PM ET
Website Address:

reverse mortages are good for ppl of advanced age [not 62] who have either a very small amount owed on their house or own it free and clear--my mother got one and they gave her 65 per cent of what her house appraised for by an fha appraiser--she could take the money in monthly payments, a lump sum or a line of credit to be used as she saw fit. If u enter a nursing home and are out of the home for one year without interruption they can call the loan to be paid back. T hey are an EXCELLENT choice for someone 75 yrs old or older,who own their home outright or only owe a little on it[ the first mtg must be paid off before u can ge a reverse mtg], dont have any heirs they wish to leave it to and are esp. attractive if the home is worth a lot of money. in general the older you are and the more your home is worth the more you can get--a person 62 wont get as much as a person 75 -80 or older even if the value of the house is the same--they use some kind of sliding scale to determine how much you get ---worked out great for her

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Subject: OT What do you know about REVERSE MORTGAGES
From: claybrdr
Date: Sun, Jan 25, 2009 - 05:48 PM ET
Website Address:

" It is a scam plain and simple. If the home is paid off it would be better to take out another secured first mortgage, or some other type of fixed equity loan. Then set up a payment plan to yourself, and collect the interest. There are many lenders that will do principal payments only. This would be the better way."

GS

In order to get a mortgage you have to have the requisite income to service the debt. Many people considering a reverse mortgage would not have the income to repay an 80% loan-to-value mortgage. No bank I ever heard of makes principal only loans. How the hell do they stay in business?

retired banker

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Subject: OT What do you know about REVERSE MORTGAGES
From: dmarbell
Date: Sun, Jan 25, 2009 - 07:09 PM ET
Website Address:

"That means that the sooner the occupants vacate or sell to payoff the lower the payoff balance because of the lack of time accrueing interest?"

Calvin,

That is correct.

Danny

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Subject: OT What do you know about REVERSE MORTGAGES
From: halfmile
Date: Sun, Jan 25, 2009 - 09:03 PM ET
Website Address:

I am not about to move, but If I wanted, I would rather move into a subsidized elderly housing complex and sell the house.

I just mever liked to mess around much with interest charging deals. If the interest builds as the equity shrinks, you will not be happy with the payout.

I know I was appaled at my first mortgage amortization table. Pay 400 interest and 50 principal gave me a spastic colon.

kbottom line: Be damn sure you know every single facet of the deal before you sign on the dotted line.

HM

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Subject: OT What do you know about REVERSE MORTGAGES
From: grnberetcj
Date: Mon, Jan 26, 2009 - 01:04 PM ET
Website Address:

I'm with claybirder....It's a Scam! Call it what you want, but it still stinks.

Curt

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Subject: OT What do you know about REVERSE MORTGAGES
From: dmarbell
Date: Mon, Jan 26, 2009 - 06:25 PM ET
Website Address: http://portal.hud.gov/portal/page?_pageid=73,1827454&_dad=portal&_schema=PORTAL

I can understand why someone would say things like:

It's not for everyone. You have to really need money to do one. The fees are high, so be careful. Get good advice, because mortgages are hard to understand. The economics don't make sense in all cases.

But to call this government backed program a "scam" is irresponsible. Reread this thread, and see the links above. Go to the AARP web site and read. At least know what you're talking about before you call something a scam.

Some folks think it's a scam because no one will lend them 100% of the value of their homes, with no repayment required. No one will do that. Why would they? Companies that lent 100% or more on forward mortgages (conventional mortgages) created a big part of the current financial mess we're in now. Programs have to be founded on good economics.

Danny

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Subject: OT What do you know about REVERSE MORTGAGES
From: ddrsuz
Date: Mon, Jan 26, 2009 - 07:02 PM ET
Website Address:

Hi folks:

Just one additional point. In addition to the fact that they don't create a huge cash flow due to the low loan to value ratio that they use, and the estate is charged a whole bunch of up front charges to make it go, consider this point if you and your wife are different ages. If one is over 62 and the other is not, then the only way to do the reverse mortgage is to put the house in the older partners name. If the older person predeceases the younger, and the younger is not 62, then the loan becomes due and payable on the younger partner. That is when it might get ugly. Get lots of counsel

d

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Subject: OT What do you know about REVERSE MORTGAGES
From: CalvinMD
Date: Mon, Jan 26, 2009 - 08:47 PM ET
Website Address:

What if the younger owner does get over the 62 hump..can they re-reverse ...like refinancing?

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Subject: OT What do you know about REVERSE MORTGAGES
From: midalake
Date: Mon, Jan 26, 2009 - 10:17 PM ET
Website Address:

Sorry I meant interest only payments. Well you would have to have the income to match the payments. So even if you could only go 50% it would still be better than a reverse mortage.

GS

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Subject: OT What do you know about REVERSE MORTGAGES
From: halfmile
Date: Mon, Jan 26, 2009 - 11:01 PM ET
Website Address:

No matter how I turn this around in my mind, it still doesn't match up with my perception of the universe.

If I sell my house to a normal party, they would pay me interest every month till the loan is paid off.

If I sell my house to the bank on a reverse mortgage, they charge me interest?

I want to buy stuff and be paid interest for doing so. Sounds like a good way to make a living.

(just a spoof, folks.)

by the way, how is maintenance/upkeep handled? A 7 thousand dollar roof job will be needed if I stay here for 15 more years.

HM

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Subject: OT What do you know about REVERSE MORTGAGES
From: BDodd
Date: Mon, Jan 26, 2009 - 11:12 PM ET
Website Address:

The real advantage, and this is for those seniors that are faced with losing the home or having to sell because they can't keep up with taxes, maintenance, inflation, et cetera, is that the owner doesn't have a mortgage payment and that's just like getting a serious raise in monthly income. In fact, an interested party can ask for only enough to pay off the current mortgage to keep the future value of the home as high as possible. I certainly agree that it's not for everyone but not a scam for those that need help to keep their home....breakemall.....Bob Dodd

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Subject: OT What do you know about REVERSE MORTGAGES
From: dmarbell
Date: Mon, Jan 26, 2009 - 11:30 PM ET
Website Address:

Calvin, I'll check.

GS, show me some numbers. If you borrow 100k on a 200k house, you have to earn 9.8% if you pay interest only of 5% to net 4.8%, or $400 per month. $400 monthly is less than the tenure payment for a 65 year old on a reverse mortgage, with no interest rate risk on the income. I don't think your number will hold up, but I'll be glad to take a look.

HM, if you sell your house and collect the interest, you have to move out, right? If you rent, you spend the earnings on your sale price. If you are selling to you kids and staying in the house, you are disinheriting them, and they are assuming the risk of you living too long. You can't get a reverse mortgage on a rental property, anyway. What part of your question am I misssing?

Danny

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Subject: OT What do you know about REVERSE MORTGAGES
From: gold40
Date: Tue, Jan 27, 2009 - 12:10 AM ET
Website Address:

It is not a scam. It is a great deal for many of us older people.

Reverse mortgages are "guaranteed" by semi-government agencies such as GNMA and FNMA. To be fair, all programs now require the borrower to first see an independent counselor familiar with the program.

You NEVER make another mortgage payment. Instead you can receive either: a. a lump sum, b. a line of credit, or c. monthly income.

Loan amount is usually maxed at 50% to 60% of the appraised value.

You can stay as long as you live there. (Lender insurance makes up the difference.)

The up-front fees can be rolled into the loan amount, and are about 6% of the appraised value.

I'm a banker, and we do these all the time. I'm not trying to sell you anything!

gold40

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Subject: OT What do you know about REVERSE MORTGAGES
From: Cy-Kick
Date: Tue, Jan 27, 2009 - 09:12 AM ET
Website Address:

Danny, has the reverse mortgage business helped to put our banking industry into the insolvency that they are in?

I can't understand how a bank can payout money and hold an asset in the current climate without a monthly payback.

Think about it.

Normally, the bank lends money and receives payment with interest back while holding collateral.

Reverse Mortgage: Give money to home owner and wait for their death in hopes that the heirs will sell and pay off? What happens down the road when and if the bank has to sit on these homes because they (Bank or heirs) can't sell in the future market situation? Oh yea, government backed.

These things run along with banks that were required to lend to NINJ.

May have been good idea while values go up but not so good while values decline.

I understand there purpose and how they work. It's a shame that our government has gotten so out of control that they are continually raising taxes on the homes we live in and that the elderly have to resort to this.

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Subject: OT What do you know about REVERSE MORTGAGES
From: cubancigar2000
Date: Tue, Jan 27, 2009 - 11:52 AM ET
Website Address:

Trap2 is right. My mother used it and without it I would be supporting her. She could not afford the taxes on her property but now lives in the home and feels very secure. It was a life saver for her.

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Subject: OT What do you know about REVERSE MORTGAGES
From: ddrsuz
Date: Tue, Jan 27, 2009 - 12:01 PM ET
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Calvin:

When I did my research, you could adjust the loan for both parties if they both got to be 62, but that is something you would have to verify currently. The real issue is that if you go the route of putting the house in one person's name, it becomes a crap shoot (as opposed to a trap shoot) for the years that one person is under 62.

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