Comments on: What is a Reverse Mortgage and are they good loans?

By: reversemortgageexpert

reversemortgageexpert — Wed, 05 Nov 2008 03:05:35 +0000

Yes, they are a safe way to borrow. A reverse mortgage is a loan for homeowners age 62 or older. It allows you to borrow against your home equity to create tax-free income without having to sell your home, give up title to it, or make required monthly mortgage payments. The loan becomes due when the last borrower permanently leaves the home. The income received can be used for almost any purpose you choose.

By: ohioreversemortgageguy

ohioreversemortgageguy — Sun, 02 Nov 2008 12:43:33 +0000

Yes, they are safe. However, you must be at least 62 and have enough equity to qualify. This varies by age. But, if you meet the guidelines, there are no payments and no credit requirements. It’s a federal program and very safe.

By: Claudia

Claudia — Fri, 31 Oct 2008 18:23:58 +0000

If you are looking for a reverse mortgage to receive some much needed cash, you may want to look into a reverse mortgage wholesale loan.

This type of mortgage loan is sold to a lender at a discounted rate and the lender will add points to the rate and pass the savings on to you.

By: tototoo82

tototoo82 — Thu, 30 Oct 2008 16:37:34 +0000

The only time a reverse mortgage is good is when you have less than 7 years to live.

Bad idea, all the way around.

By: InfoDoc

InfoDoc — Wed, 29 Oct 2008 17:27:04 +0000

A reverse mortgage is a really great thing if you have lots of equity in your home, and you don’t have very much liquidated cash to enjoy your retirement.

Anyways, you can find info and resources about reverse mortgages here:

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