Carolyn

arthur, you better investigate this option more. it can be devestating. here's the "skinny". the only people qualifying for loans these days have credit scores above 700+. Don't know where you got your advise but you have to have equity in your home in order to qualify for a reverse mortgage. they are set up for senior citizens who have built up equity and are about to lose their property because they can no longer make the payments. the bank will offer them a reverse mortgage, which allows the bank to take the equity in the home and divides it up into monthly returns to the homeowner. Sounds like a good deal right? in essence, the bank is depleating your equity and when there is no equity left, you will no longer have a home because the bank will own it all, and they will foreclose on your property. it's also a bad deal if you intend on leaving your home to your heirs. they will get zippo! if you are married, and one of you dies...the other can continue to live in the property and receive the reverse money, however, when the last surviving spouse passes, the bank has a lien on the property and your heirs are left with nothing but cleaning out your household belongings. they will get nothing because the bank owns it all.

I can't figure out where you got the idea or information that you could BUY a house with a reverse mortgage anyway, you can't. Let's say for some reason a realtor has told you to do this, I would be extremely careful and look for someone else to help you. Please get some professional advise.

if i had the money to buy a house for cash i wouldn't! Plain and simple arthur with the housing market the way it is, you could stand to loose your money. plan for a future where you and your loved one can live comfortably for the rest of your lives...and slow down - Tue Jul 22 2008, 01:40