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Reverse mortgage

Hilander

Free Spirit
Staff member
V.I.P.
I have to admit I don't know anything about a reverse mortgage except they are pushed on TV to seniors as a way to stay in their home. I have to wonder if they are worth it though. You know the bank has to be coming out ahead on this or they wouldn't be doing it. I've heard if you vacate your home for too long, like an extended stay in a nursing home, the bank can take it. I'm sure certain things would have to happen first, I couldn't tell you what that is or how hard it would be to meet the criteria to take your house and leave you homeless.

I don't think I would ever do this but I'm not worried about being able to stay in my home either.

What do you think about a reverse mortgage? Do you know of anyone that has had one? If so were they happy with it? Would you consider doing this?
 

idisrsly

I'm serious
V.I.P.
The principal behind it does sound like it is intended to help seniors keep their homes. They only require repayment when the home is sold, or you don't live in the home for more than 365 consecutive days. Once it's sold, the bank requires the repayment, which considering that some seniors might never have gotten the house/mortgage with the intend of turning a profit from it, it seems like a good option.

I'm sure there is a way in it that the banks makes more than their fair share, of course. They're not a charity.
 
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