What's your opinion about Reverse Mortgages?

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Rainmaker
3,986,473

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

I am not a fan. My parents did one, without me knowing, and they got about 80% of value and the costs were astronomical

Jun 01, 2015 07:26 AM

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1

Kevin J. May

Hobe Sound, FL

Rainer
368,326

Raoul Loustaunau

EXP REALTY - Phoenix, AZ

urhomefinder.com myvaluetoday.com

i think they are good for the client to supplement their ss , i do not think they should take the lump sum they should get monthly payments ,just my opinion

good question Jack have a great day

Jun 01, 2015 06:09 AM

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1

JoAnn Moore

Georgetown, DE

Rainmaker
3,074,389

Tony and Suzanne Marriott, Associate Brokers

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

Coldwell Banker Realty

n/a

Feb 25, 2018 06:26 AM

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Rainer
55,673

Joe D'Agostino

NMLS# 729950 - Manahawkin, NJ

Mortgage Officer 46 years!

Hi Jack:

Reverse mortgages are not for everyone, but in many situations it may be a great alternative to a "forward" mortgage. As a member of the National Counsel On Aging...the motto to "Use your home to stay at home" can not be more appreciate concerning the Reverse. Also, you can also PURCHASE you primary residence using a reverse.

Jun 02, 2015 03:25 AM

Upvote

Ambassador
1,093,355

John Meussner

Catalyst Mortgage - Fair Oaks, CA

#MortgageMadeEasy Fair Oaks, CA 484-680-4852

The RM is a great program for a small % of people. The problem is, it's marketed much like pay-option ARMs were, as a solution for everyone - mortgage lenders DEFINITELY use the program the wrong way.

Jun 02, 2015 01:25 AM

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Rainmaker
1,153,799

Kevin J. May

Florida Supreme Realty - Hobe Sound, FL

Serving the Treasure & Paradise Coasts of Florida

My opinion matters little but I look upon reverse mortgages the same way I do about derivatives, negatively! Sadly, there is a market for them both though.

Jun 01, 2015 09:22 PM

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Rainmaker
979,796

Troy Erickson AZ Realtor (602) 295-6807

HomeSmart - Chandler, AZ

Your Chandler, Ahwatukee, and East Valley Realtor

Jack - Just like with any other mortgage, they can be beneficial if done the right way. They can also be detrimental as well. It all depends.

Jun 01, 2015 09:53 AM

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Rainmaker
443,220

Cindy Davis

SD Home Source Realty - San Diego, CA

A commercial doesn't tell me if someone is being taken advantage of. I'm sure there are time when a reverse mortgage is a reasonable solution...and other times, when it's abused....just like every mortgage product!

Jun 01, 2015 09:46 AM

Upvote

Rainmaker
933,268

Jeff Pearl

Samson Properties / LIC in VA - Lovettsville, VA

Full Service Full Time Realtor

They have become a specialty, and in some cases, a gimmick. Owner must have enough equity to qualify. I find that most sellers aren't really interested in them. But I have heard of a few cases where they worked well for sellers. Each case is different.

Jun 01, 2015 09:44 AM

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Rainmaker
8,153,230

Roy Kelley

Retired - Gaithersburg, MD

Properly used, a reverse mortgage can improve the quality of life for seniors.

Sadly, most real estate professionals have little knowledge of this product and are unable to identify the situations where a reverse mortgage should be considered.

Jun 01, 2015 08:55 AM

Upvote

Rainmaker
699,277

Chris and Dick Dovorany

Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL

Broker/Associate at Premiere Plus Realty

I do believe my kids should get an inheritance and not a mortgage.

Jun 01, 2015 07:19 AM

Upvote

Rainmaker
634,582

Kathleen Luiten

Resort and Second-Home Specialist - Princeville, HI

Kauai Luxury Ocean Home Sales

I agree with Raoul Loustaunau about the lump sum. For owners who need it they are a valuable source of funds that allow them to avoid selling.

Jun 01, 2015 06:13 AM

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I am not a fan. My parents did one, without me knowing, and they got about 80% of value and the costs were astronomical
i think they are good for the client to supplement their ss , i do not think they should take the lump sum they should get monthly payments ,just my opinion

good question Jack have a great day
Hi Jack:

Reverse mortgages are not for everyone, but in many situations it may be a great alternative to a "forward" mortgage. As a member of the National Counsel On Aging...the motto to "Use your home to stay at home" can not be more appreciate concerning the Reverse. Also, you can also PURCHASE you primary residence using a reverse.
The RM is a great program for a small % of people. The problem is, it's marketed much like pay-option ARMs were, as a solution for everyone - mortgage lenders DEFINITELY use the program the wrong way.
My opinion matters little but I look upon reverse mortgages the same way I do about derivatives, negatively! Sadly, there is a market for them both though.
Jack - Just like with any other mortgage, they can be beneficial if done the right way. They can also be detrimental as well. It all depends.
A commercial doesn't tell me if someone is being taken advantage of. I'm sure there are time when a reverse mortgage is a reasonable solution...and other times, when it's abused....just like every mortgage product!
They have become a specialty, and in some cases, a gimmick. Owner must have enough equity to qualify. I find that most sellers aren't really interested in them. But I have heard of a few cases where they worked well for sellers. Each case is different.
Properly used, a reverse mortgage can improve the quality of life for seniors.

Sadly, most real estate professionals have little knowledge of this product and are unable to identify the situations where a reverse mortgage should be considered.
I do believe my kids should get an inheritance and not a mortgage.
I agree with Raoul Loustaunau about the lump sum. For owners who need it they are a valuable source of funds that allow them to avoid selling.