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Does anyone have any Recent Personal experience with a reverse mortgage.

Posted: Jun 13, 2016

Would appreciate any knowledge you have about this, options, mechanism, etc. I do not even know enough to ask an intelligent question.

;

I have a reverse mortgage. - s/m

[ In Reply To ..]
If not for getting one I probably would have lost my home thanks to my pay being slashed in half. There is a lot of info you can find out about them online. If you have any specific questions, feel free to post and I'll do my best to answer

Question - Rusty

[ In Reply To ..]
my hubs wants to do this, but what is something happens to him first, I know I can't take of this house all by myself with the yard and inside and upkeep. What are my resources then? Thanks

You still own the house...sm - Tanya

[ In Reply To ..]
We have a reverse mortgage on our home. It's lovely having no mortgage payments. We do have to pay taxes and insurance and maintain the home. We bought the house using a reverse mortgage and it allowed us to buy a much nicer home in a better neighborhood than we could have just using the funds available to us (inheritance).

You still own the home and can sell it should something happen to your husband first. The mortgage is paid off at closing, just like if you had a mortgage that you make payments on, and any equity is paid to you after closing costs, realtor fees, etc.

If you owe more than the house is worth, then you call the bank and tell them it's their house and you're moving out.

When we bought the house using the reverse mortgage I was not yet 62, so my name isn't on the house at all. I do have enough life insurance on DH to pay it off if I want to should he pass first, but my goal is a condo in Clearwater FL overlooking the beach, so I'd put the house on the market, pack up my critters, and move on out, telling the realtor to send me a check when it closes.

A reverse mortgage isn't for everybody, but don't just write it off without investigating it. You are required to take a course outlining the requirements and expectations of the reverse mortgage before you close on it, and please pay attention. We did ours over the phone, but I'm not sure that is still a viable option. We got our mortgage 6 years ago and some things may have changed.

weird details - but don't know specifics

[ In Reply To ..]
I have a relative with reverse mortgage. She's elderly and been in hospitals a lot lately. She was told that she's required to physically live in the house and if she's out of it for a year for any reason that she can lose the house. I don't know specific rules on this, but she's worried that this will happen. She just can't live at home now. I don't know if she can later, but right now, it's not an option. Too much care is needed. It's something to further research. One never knows how health can turn bad (rather quickly sometimes).

Reverse Mortgage - Molly

[ In Reply To ..]
Once you leave the home for an extended period of time such as a hospital or nursing facility they can take possession. However; I took a Reverse Mortgage 6 years ago but needed the money more to help my grandson not lose his home. In brief, in December of 2015 I decided to move in with my grandson and his family and called RM to tell them I had vacated the property. We are almost in July and they changed the locks on the property, the grass is as tall as me and I no longer have access to the home but the place is still in my name. They instead of taking possession by deed are doing a foreclosure (that will not reflect on my credit) which they cannot tell me when this house will be out of my name. Supposedly they tell me should anything happen to the property I am responsible. This RM has been a pain in the neck and all I want is to be done with this property. I would never ever do this again.

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