5,253,385
I'll let the lenders here speak to this.
Personally, I haven't suggested it before but, I've been asked and I only have one lender that does them so, I refer them to her. She's never felt the reverse mortgage was a fit for the ones who have inquired though.
-
Michael Jacobs
Pasadena, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Richard Weeks
Dallas, TX
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Lyn Sims
Schaumburg, IL
4,581,818
I have not. It's a personal decision best handled by a professional skilled in their job.
-
Kathleen Daniels, Prob...
San Jose, CA
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Richard Weeks
Dallas, TX
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
1,056,097
Lender, financial advisor advise on that. I can provide those resources but that's as far as I go.
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Richard Weeks
Dallas, TX
-
Lyn Sims
Schaumburg, IL
-
Michael Jacobs
Pasadena, CA
5,111,821
I don't. I don't suggest any kinds of mortgages to my clients. If they are looking for financing information or assistance I refer them to my top lenders.
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Richard Weeks
Dallas, TX
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Michael Jacobs
Pasadena, CA
1,153,794
I have although the number of instances are rare when these become the only alternative available. It all sounds great until their true cost is evaluated. This bitter pill is very hard to swallow.
-
Mimi Foster
Colorado Springs, CO
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
1,846,851
I never suggest it unless I have given them all the options. It's not my job.
I will say that often times 'the kids' are upset because this is the parents actually living off their equity. When they do this, obviously it's less for the kids to inherit. You really see some nastiness from the kids on how the parents money is already 'theirs' even though they are alive.
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Ron and Alexandra Seigel
Carpinteria, CA
632,765
Never have
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,205,863
No, That is a very personal decision and what is the desired outcome?
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
934,002
I have only had one extreme case where it may have been an option for a person in a hardship. The "gotchas" are plenty. Fortunately they managed to receive a gift that was able to tide them over until they found employment.
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
6,416,169
NO!
I think that most of these prey on our seniors and I would never want to be a part of this.
-
Michael Jacobs
Pasadena, CA
-
Mimi Foster
Colorado Springs, CO
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob Crane
Stevens Point, WI
7,862,331
When the product should be considered.
Many seniors have lots of equity and an inadequate income. The benefits are a better quality of life when funds are available.
-
Ron Tissier
Atlanta, GA
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
2,784,416
NO...great for the moment and going in but then....dum de dum dum
-
Michael Jacobs
Pasadena, CA
-
Mimi Foster
Colorado Springs, CO
-
Doug Dawes
Topsfield, MA
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
2,221,377
I do not.
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Anthony Acosta - ALLAT...
Atlanta, GA
577,750
I would never suggest that.. that would be irresponsible of me. I'm not a financial planner and know nothing about reverse mortgages. I would refer them to their accountant, financial planner or their bank.
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Lyn Sims
Schaumburg, IL
3,416,038
It takes the right person and the right situation for a reverse mortgage to work well. Often someone who owns the home outright, who is retired, little income but wants to stay in their home. The money then is used to pay taxes and upkeep of the home. Not go and buy a motorhome.
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Lyn Sims
Schaumburg, IL
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
921,504
It is a unique solution to a real problem.
However, finding someone who lives in the assurance their plans for the future will not change significantly is difficult.
Imagine moving into a house, paying about 60-70% of value and never making a mortgage payment. For some, that could appear as an advantage. For those who have always moved into communities where they always found bad neighbors, this would be a real and costly disadvantage.
An agent would be well advised to have an array of solutions to suggest to a buyer or seller as compared to referring them to their 'trusted' lender and letting that lender determine the outcome.
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Lyn Sims
Schaumburg, IL
-
Michael Jacobs
Pasadena, CA
509,449
I would refer them to a lender or financial advisor.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
1,712,776
Never.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Bob Crane
Stevens Point, WI
1,728,056
No from these lips
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
2,399,375
I don't suggest ANY mortgage to my clients, it's not my job.
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Susie Kay
Plano, TX
-
Debe Maxwell, CRS
Charlotte, NC
4,900,085
If I were asked I would refer them to someone who knows more about that subject then I do.
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
913,348
No. Family should decide that.
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,201,302
Only once or twice and to folks that have no other heirs. And I suggest they speak with the proper people
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
2,187,462
The stories I've heard from people who got into them have not been good.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
5,583,328
I would suggest they speak to a professional lender about it just to make some decisions ....
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
1,322,519
Reverse mortgages can be a good thing for some homeowners. The advantages and disadvantages are too many to cover here. Potential reverse mortgage borrowers definitely need to be counseled by a professional with the clients best interests in mind.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
1,505,863
No. Not a fan of them. Supposedly they've gotten better over the years, but it's not something that my clients have a need for.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
1,552,908
Once in a blue moon, but more often than not I refer them to my Reverse Mortgage expert.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
4,800,132
I don't suggest any type of loans to my clients. I refer them to professionals who knoe\w about these products better than me.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
1,241,754
Let the borrowers decide.
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
5,772,575
Manuel,
No. and I agree with Michael Jacobs
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
3,349,229
No. I agree with Corinne Guest and Michael Jacobs
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
1,386,259
No, I have not.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
1,029,053
RUN, FORREST, RUN!!
I have never met anyone who has done a Reverse Mortgage who thought it was a good idea after-the-fact.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
2,191,449
If they don't have enough Cash Flow at retirement
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
420,003
It can be suitable for: Person who has equity in their home but small income or income that doesn't meet their needs. They can live off the home's equity as long as they reside in the property. REverse is an expensive line of credit that is easy to qualify for.
Other products that might work:
Offset Mortgage with drawing line ( we have an All in One loan which is cheaper than a reverse and they can draw for 30 years.
or
traditional HELOC is inexpensive but they make payments out of the line and the time is shorter
or
Sell and live off the cash
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
956,052
5,877,179
3,986,308
4,959,181
902,038
The fees are outrageous and the heirs may not be happy, but there may be times when such an instrument might make sense.