Has anyone taken a reverse mortgage on their home and if so are you lively beside it?
Answers:
First past its sell-by date...you need to be over the age of 62 and have tons of equity. Second...it's hugely very expensive to do.
you dont want to do that. contained by the end they get the house.
you do not lose your home with a reverse mortgage. this is the most common misconception just about reverse mortgage out there. you will need equity within your home. it is a good alternative for retirees on fixed incomes, who can benefit by eliminating their mortgage p+i contribution and possibly getting cash back. fees are sophisticated than a conventional mortgage. you've spent your life paying down the mortgage of your home it's a good mode to let the equity you've built up work for you. check out the US housing and urban developements website for info and useful calculators. Source(s): http://www.hud.gov/offices/hsg/sfh/hecm/…
Related Questions:
With the making home affordable plan, do I still hold to reimburse my mortgage while step thru the application process?
Yes. Then if you are accepted into the plan they put you on a three month trial period at a lower grant amount. Then if you do well on that they will make...