Entries Tagged 'Reverse Mortgage' ↓

When you are deciding whether or not to get a reverse mortgage, the most important thing to remember is that you do not have to pay back one penny or be charged any monthly fee or payment until the time comes when you decide to sell your home.  Do not be fooled by so-called “reputable” companies who tell you that you can get a large sum of money from your home’s equity with just a small monthly payment of X amount.  Right then and there, you should know that this is a reverse mortgage scam.  Senior citizens are the most often targeted group for scam artists to prey on.  Senior citizens are naïve and trusting, many times to their own demise.  If you are considering a reverse mortgage, bring someone with you who is knowledgeable and who will keep your best interests at heart.

Many people over the age of 62 years old decide to get a jumbo reverse mortgage.  This is for many reasons.  With today’s economy, many retirees have lost a significant amount of their retirement funds through bad investments, leaving them little or no money to live on.  That is when a reverse mortgage can help you.  If you own your home outright and everyone on the deed is over the age of 62 years old, you can qualify to borrow from 1%-100% of your home value.  You will not make any payments during your lifetime, unless you sell your home, at which time the bank will take what is owed on the loan amount from the sale of your house.