What are the caveats of reverse mortgages for a home owner who owns his home free and clear?

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Sharon Parisi, Dallas Homes (United Real Estate Dallas )

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Rainmaker
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TeamCHI - Complete Home Inspections, Inc.

Complete Home Inspections, Inc. - Brentwood, TN

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I do not think that reverse mortgages are any good except for the mortgage company.

Apr 17, 2015 06:49 PM

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Norm Padula, JD, GRI

Sarasota, FL
Sharon Parisi

Dallas, TX

Rainmaker
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Norm Padula, JD, GRI

Florida Realty Investments - Sarasota, FL

Presence, Persistence & Perseverance

They should be the last option on the list of solutions.

Apr 18, 2015 01:12 AM

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John McCormack, CRS

Albuquerque, NM

Rainmaker
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Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

Sharon Parisi Anyone who wishes to go with a reverse mortgage should read between the lines. There is more to it than meets the eye.

Apr 17, 2015 10:43 PM

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Norm Padula, JD, GRI

Sarasota, FL

Rainmaker
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Annette Lawrence , Palm Harbor, FL 727-420-4041

ReMax Realtec Group - Palm Harbor, FL

Making FLORIDA Real Estate EZ

There's only one.

DON'T CHANGE YOUR MIND.

Apr 17, 2015 09:51 PM

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Norm Padula, JD, GRI

Sarasota, FL

Rainmaker
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Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

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Good morning Sharon. We talk many folks out of doing a reverse mortgage, as it is not in their best interest, unfortunately many think it is a good idea and just don't know why.

Make it a great weekend!

Apr 17, 2015 09:07 PM

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Norm Padula, JD, GRI

Sarasota, FL

Rainmaker
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Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

High fees and difficulty passing the home on to your heirs.

Oct 09, 2018 06:44 AM

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Rainmaker
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Ajay Pandya

e-Merge Real Estate - Columbus, OH

Realtor Ajay Pandya

Checking other answers.

Apr 23, 2018 09:59 PM

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Rainmaker
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Inna Ivchenko

Barcode Properties - Encino, CA

Realtor® • GRI • HAFA • PSC Calabasas CA

Sometimes, a homeowner needs help with manging their delinquent property expenses. There expenses include property taxes and homeowner's insurance, as well as up to 12 months of additional assistance for future property expenses.

Dec 30, 2017 07:26 PM

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Rainmaker
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Tony and Suzanne Marriott, Associate Brokers

Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ

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Norm nailed this one!

Sep 24, 2017 04:53 AM

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John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

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I know someone who did a reverse mortgage and now has found she is totally screwed.

Apr 18, 2015 01:41 AM

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Rainer
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Janet & Graham Ford

McGraw Realtors - Tulsa, OK

Tulsa Real Estate

None if you need the funds to survive, have no other income, need to pay medical & feed yourself etc., and do not intend to pass on your home to any heirs. If it is all yours and you need it, use it. It needs to be in the best interest of the homeowner, not the lender, agent or any other interested party. That said there may be other options for the homeowner to consider, or it may be the only option. All cases are specific to the individual.

Apr 18, 2015 01:20 AM

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I do not think that reverse mortgages are any good except for the mortgage company.
Sharon Parisi Anyone who wishes to go with a reverse mortgage should read between the lines. There is more to it than meets the eye.
Good morning Sharon. We talk many folks out of doing a reverse mortgage, as it is not in their best interest, unfortunately many think it is a good idea and just don't know why.

Make it a great weekend!
Sometimes, a homeowner needs help with manging their delinquent property expenses. There expenses include property taxes and homeowner's insurance, as well as up to 12 months of additional assistance for future property expenses.
I know someone who did a reverse mortgage and now has found she is totally screwed.
None if you need the funds to survive, have no other income, need to pay medical & feed yourself etc., and do not intend to pass on your home to any heirs. If it is all yours and you need it, use it. It needs to be in the best interest of the homeowner, not the lender, agent or any other interested party. That said there may be other options for the homeowner to consider, or it may be the only option. All cases are specific to the individual.