Reverse Mortgages

October 17, 2008

You have a home appraised as $400k, you get a reverse mortgage on it based on this value, now it’s only worth $200k
Where did the money go

You can’t take it with you and your kids certainly don’t deserve it – they’ll put you in a home at the first chance they get.

If you were thinking of doing it, now is still an OK time, from what I understand, when the value of your property goes back up (it will eventually) you can take out a second reverse mortgage for the difference.


Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: