08-10-2011, 09:30 PM
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Registered Users-pm+
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Join Date: Dec 07 2006
Age: 53
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Reverse Mortgage
Can anyone explain the basics? Thanks in advance.
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08-10-2011, 10:24 PM
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Just call me Breeze
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Join Date: Jan 06 2005
Age: 62
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google is your friend
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08-12-2011, 06:58 PM
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Banned
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Join Date: Jan 14 2005
Location: Central Texas
Age: 65
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2X on goggle. They are not the same as they were originally conceived... Beware.
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08-12-2011, 10:15 PM
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Registered Users-pm+
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Join Date: May 29 2004
Location: West Columbia, Texas
Age: 65
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I called about a reverse mostgage and was told that I would get $7000 in cash and could live in my house the rest of my life. My house is valued at $110,000 and I owe $32,000. Didn't seem like a very good deal to me.
Pat
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08-12-2011, 11:09 PM
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Native Texan
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Join Date: Feb 25 2009
Location: Huntsville, Galveston and Sargent
Age: 55
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Just a note, the banks LOVE reverse mortages. Nuf said.
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08-13-2011, 06:41 PM
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Just call me Breeze
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Join Date: Jan 06 2005
Age: 62
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Quote:
Originally Posted by w_r_ranch
2X on goggle. They are not the same as they were originally conceived... Beware.
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yep, give banks enough time and they'll tweak it as much as they can. lol
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08-13-2011, 08:03 PM
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Live Like No One Else.
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Join Date: May 24 2004
Location: Sweeny, Tejas
Age: 35
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Reverse mortage
The bank buys your house from you for cheap but you live in it until you die.
Would be a better idea you sell your house and just buy a cheaper/ smaller house so you have less upkeep. Or rent a small place so someone else does all the upkeep and you live off then money you got selling your house.
Too many people keep their huge house they had when they all there kids at home out of memories. When they really don't need something that big.
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08-14-2011, 06:32 PM
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Join Date: Jun 19 2010
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Yes, reverse mortgage is nothing but a money making machine for the bank since they invented. When you get older and no kids and have a big house with high tax and high maintenance, I would just downsize it.
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08-31-2011, 01:03 PM
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www.jacksride.org
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Join Date: Apr 18 2008
Location: Spring Valley, TX
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Reverse Mortgages are notorious for having high fees.
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08-31-2011, 02:44 PM
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Registered Users-pm+
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Join Date: Oct 05 2004
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Most lenders are no longer offering them as the concept does not work to well for the bank when property values are dropping.
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