I wonder about reverse mortgages. Does anyone here know about this? I would not do it.
@lookatdesktop (27129)
Dallas, Texas
February 9, 2016 11:36am CST
The trouble with this is, I think a person who is already retired and still does not have sufficient funds set aside for retirement should get a part time job but many people go for a reverse mortgage. Is this really a good idea? I mean, you could die owing money and who would end up having to pay for the loan? The grand kids? Would the loan officer just repo your house?
2 people like this
1 response
@much2say (53945)
• Los Angeles, California
15 Feb 16
I don't know a whole lot about it, but I was under the impression that you would have had to build up a lot of equity in your home to even qualify for the loan - and then basically you are borrowing from what you built up. My parent in laws tried to get a reverse mortgage, but I just knew they wouldn't qualify. They bought the house eons ago for 25,000 which is nothing these days - but with all the loans they've gotten through the years and used the house as collateral, etc etc, they ended up owing over 400,000. There was no way they would qualify for a reverse mortgage, they owed way too much.
