Comments on: The Danger of Reverse Mortgages http://www.finetunedfinances.com/2009/08/the-danger-of-reverse-mortgages/ Make Your Wallet Run Like New Again Thu, 29 Jul 2010 20:28:31 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: sacvoyagehomeloans http://www.finetunedfinances.com/2009/08/the-danger-of-reverse-mortgages/comment-page-1/#comment-1041 sacvoyagehomeloans Wed, 14 Oct 2009 21:29:53 +0000 http://www.finetunedfinances.com/?p=1200#comment-1041 Great Article. A must read for anyone thinking of acquiring a reverse mortgage or whose parents are looking into reverse mortgage. joeb Great Article. A must read for anyone thinking of acquiring a reverse mortgage or whose parents are looking into reverse mortgage. joeb

]]> By: deb http://www.finetunedfinances.com/2009/08/the-danger-of-reverse-mortgages/comment-page-1/#comment-839 deb Wed, 12 Aug 2009 18:24:25 +0000 http://www.finetunedfinances.com/?p=1200#comment-839 Lots of people owe more than their homes are worth... I'm not sure how anyone can say "they can never owe more than the home is worth". Lots of people owe more than their homes are worth… I’m not sure how anyone can say “they can never owe more than the home is worth”.

]]> By: reverseguy http://www.finetunedfinances.com/2009/08/the-danger-of-reverse-mortgages/comment-page-1/#comment-837 reverseguy Wed, 12 Aug 2009 01:12:26 +0000 http://www.finetunedfinances.com/?p=1200#comment-837 Tisha, with all due respect, if you will not attempt to get your facts correct, you should not report on any issue. a fha insured reverse mortgage is a non-recourse loan and as maria stated, will not cause any definiciency judgement to be placed against the senior or their estate as long as they kept up with their taxes and insurance and used the property as their primary residence. i will agree that a reverse mortgage may not be for everyone, but the main danger in your article is the misinformation you provided Tisha,

with all due respect, if you will not attempt to get your facts correct, you should not report on any issue.

a fha insured reverse mortgage is a non-recourse loan and as maria stated, will not cause any definiciency judgement to be placed against the senior or their estate as long as they kept up with their taxes and insurance and used the property as their primary residence.

i will agree that a reverse mortgage may not be for everyone, but the main danger in your article is the misinformation you provided

]]> By: maria http://www.finetunedfinances.com/2009/08/the-danger-of-reverse-mortgages/comment-page-1/#comment-831 maria Sun, 09 Aug 2009 23:54:38 +0000 http://www.finetunedfinances.com/?p=1200#comment-831 It is a non-recourse loan. So when/if either the senior or the heirs choose to sell (arms length transaction), they can never owe more than the home is worth. Neither the senior nor the heirs are personally liable for the loan - only that one property stands for the loan. In a down market such as we have now, the bank/lender would be made whole by the FHA insurance premiums paid by the senior. It is a non-recourse loan. So when/if either the senior or the heirs choose to sell (arms length transaction), they can never owe more than the home is worth. Neither the senior nor the heirs are personally liable for the loan – only that one property stands for the loan. In a down market such as we have now, the bank/lender would be made whole by the FHA insurance premiums paid by the senior.

]]> By: Juan Batista http://www.finetunedfinances.com/2009/08/the-danger-of-reverse-mortgages/comment-page-1/#comment-830 Juan Batista Sun, 09 Aug 2009 17:23:54 +0000 http://www.finetunedfinances.com/?p=1200#comment-830 I'm curious to find out what happens to a reverse mortgage loan, since it is based on the current value of a home, when the property value drops, such as in recent times. I’m curious to find out what happens to a reverse mortgage loan, since it is based on the current value of a home, when the property value drops, such as in recent times.

]]> By: maria http://www.finetunedfinances.com/2009/08/the-danger-of-reverse-mortgages/comment-page-1/#comment-826 maria Sat, 08 Aug 2009 21:23:34 +0000 http://www.finetunedfinances.com/?p=1200#comment-826 Tisha, A RM is intended for a senior on a fixed income to stay at home as long as possible if that is their wish. By using the equity they have earned in their home, they can live the rest of their lives stress-free with a good quality of life and no monthly mortgage payments. You sound like you are more concerned for the relatives losing their inheritance. Scams can be found everywhere, and that is why there are several protections for the senior doing a RM. One can only hope that the relatives are not among them. Why don't you provide pointers on how not to be duped instead of creating hysteria and fear. maria Tisha,

A RM is intended for a senior on a fixed income to stay at home as long as possible if that is their wish. By using the equity they have earned in their home, they can live the rest of their lives stress-free with a good quality of life and no monthly mortgage payments. You sound like you are more concerned for the relatives losing their inheritance.

Scams can be found everywhere, and that is why there are several protections for the senior doing a RM. One can only hope that the relatives are not among them. Why don’t you provide pointers on how not to be duped instead of creating hysteria and fear. maria

]]> By: mgruley http://www.finetunedfinances.com/2009/08/the-danger-of-reverse-mortgages/comment-page-1/#comment-824 mgruley Fri, 07 Aug 2009 19:28:28 +0000 http://www.finetunedfinances.com/?p=1200#comment-824 Tisha, I am one of the reputable, experienced reverse mortgage lenders you spoke of in your article. However, I would rather you not pen articles about subjects in which you have no knowledge. Your article is full of misinformation and errors. Enough to scare anyone from even contacting a reputable and honest firm. You do a diservice to seniors. Mike Tisha,

I am one of the reputable, experienced reverse mortgage lenders you spoke of in your article. However, I would rather you not pen articles about subjects in which you have no knowledge. Your article is full of misinformation and errors. Enough to scare anyone from even contacting a reputable and honest firm. You do a diservice to seniors.
Mike

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