Reverse Mortgage ??

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Jan 26, 2006 | 09:42 AM

#16

krewat

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FTE Leadership Emeritus

Joined: Jul 2002

Posts: 42,561

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From: Long Island USA

Thanks pbrunner, good info! Already been looking for counselors. It will certainly be an FHA.

Rebel, thanks!

Jan 26, 2006 | 03:01 PM

#17

06supercrew

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Joined: Jan 2006

Posts: 471

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From: eastern nc

You should talk to the lender so you understand what is going on and can advise her. I had asked a lender some time ago what they were and basicaly you are borrowing money from the equity in your home for a set $ amount over a period of time or lump payment when the owner passes, decides to sell or move it is sold, the lender gets their money plus interest and the balance goes to the owner or estate. They are still liable for taxes, insurance and upkeep. This may vary from state to state. I do not know anyone personaly who has one. You might also check with the attorney general's office for complaints.