Just heard a local bank advertising on the
radio for reverse mortgages.
The ad would be quite compelling to a senior
who needs cash flow. I was even impressed.
They mentioned Henry Winkler and Robert Wagner
to add further credibility. Thatâ€™s a warm fuzzy!
Now, I know one person who said it saved
their Dad, but the other stories Iâ€™m reading
are not so positive.
There are to many variables to the loan.
Costs are extremely high between upfront mortgage
insurance, origination, and closing costs.
The night mare stories will increase.
Reverse Mortgages will end up doing more harm
than good, just like the now banished â€œOption Armâ€
with four payment choices.
(Saying that, I still have clients who will not
refinance their â€œOption ARMâ€™sâ€ because they
understand how they work, the Libor Index
is so low, and their fully indexed rate is lower
than todayâ€™s fixed 30 year mortgage rates.).
Have you had experience with Reverse Mortgages?
Like to hear about it.
Hereâ€™s a mortgage
calculator with taxes, homeowners insurance, mortgage insurance, and
with principal, interest, taxes, homeowners insurance, mortgage insurance,
and even homeowners dues.
Questions? Contact me here.
You may be interested in what
other client experiences have been. You can watch
YouTube videos here of their experiences.