UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: JoePickard Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76392  
Subject: Re: Reverse Mortgage Date: 1/5/2000 9:33 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I work for a major home mortgage lender in Florida, and due to the risks of proprty value fluctuation, most reverse mortgage plans are NOT great deals for the consumer. The lender has to have an incentive for the extra risk (i.e. extra fees, a share in the equity, etc.) However, if the owner has immediate need for these funds, as it sounds in the case of your mother, it may be a superior alternative, especially if it is important to her to remain in her home. With any mortgage provided by a third party, there will be many "extra" fees and costs. It was a excellent choice to provide this mortgage to your mother; you should clearly explain all this to the other beneficiaries of you mother's will, especially if your mother is not 100%.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Dividend Growth Investing

Good Time for Dividend Champions?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement