| Reverse Mortgage Facts- Dealing with Reality! |
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househelper2009
New Member
Cash: $ 1.00
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Joined: 26 Jun 2009
Location: Chicago
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| Reverse Mortgage Facts- Dealing with Reality! |
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You may have seen a commercial recently in your home town advertising reverse mortgage programs for seniors age 62 and older. But before you or someone you know consider getting such a loan, there are things you need to take into consideration.
1) Don't take out a Reverse mortgage on your home is you need the money for something such as fixing a furnace or heating system. You may be able to find a program in your local area that is less risky. Just ask around!
2) You may come out ahead if you take out a h.e.l.o.c. (home equity line of credit), or even just by refinancing in order to get the funds you need. In fact, you may be able to get a line of credit with no initial costs to you.
3) Find out if a reverse mortgage will interfere with your Medicaid! Every state is different, so check your local laws and guidelines.
4) Find out what happens to your home if you become ill, or are admitted to a nursing home. Rememeber, the bank wants their money no matter what happens to you, or any of it's clients.
5) Also, if you are considering leaving your assets to your children or grand-children, a reverse mortgage may ruin everything. It may devour all of the properties equity, and leave them with a liability instead of an asset. REMEMBER, ASK QUESTIONS BEFORE YOU SIGN ANYTHING!!!!!!!!!!
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Mon Oct 19, 2009 9:00 pm |
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robmejia
Contributing Member
Cash: $ 9.80
Posts: 49
Joined: 04 Nov 2011
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Thanks for the post. If this will interfere with your medicaid or LTC plans, then it is definitely something to think twice on.
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Wed Nov 30, 2011 10:15 am |
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