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Author: mawhinney Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19257  
Subject: Reverse Mortgages Date: 6/7/2006 9:01 PM
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What are the disadvantages of a reveerse mortgage?
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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10630 of 19257
Subject: Re: Reverse Mortgages Date: 6/8/2006 12:35 AM
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A few things to think about--

1. You might outlive your assets.

2. A collapse of real estate values could leave you with a mortgage with more borrowed on the property than it is worth. What happens then? Can the lender foreclose? Who takes the loss?

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Author: ep0001 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10631 of 19257
Subject: Re: Reverse Mortgages Date: 6/8/2006 12:23 PM
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What are the disadvantages of a reveerse mortgage?


Up front fees are high.

I am suspicious about any gov't program with restrictions mostly designed to protect the lender.

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Author: TwoCybers Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10638 of 19257
Subject: Re: Reverse Mortgages Date: 6/10/2006 4:20 PM
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If you die quickly -- car accident or heart attack, my concerns are not important. However if you die of "old age", heart failure or any number of other debilitating causes you will have to settle up on the mortage when you move out of the house. Unless you have significant other assets, you may find it very difficult to find housing (or pay for assisted living).

If your are considering this because you feel you need more money, it's kind of like gambling -- if you win great. If you loose not.

Gordon
Atlanta

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Author: OldOne Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10639 of 19257
Subject: Re: Reverse Mortgages Date: 6/10/2006 11:27 PM
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Try this calculator from AARP.

http://www.rmaarp.com/

The disadvantage I see is that the amounts available are much less than most people imagine. And, the payoff on moveout provisions make keeping the home in the family nearly impossible.

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