Tom Selleck does but I know nothing

So nobody knows anything about it either?

I do.

Tom has a sweet mustache. I bet if you reverse mortgaged your place he’d let ya ride it.....

Oh....and why didn’t you ask ram you fugginoldbillygoat !

RRRAAAAAAMMMMMM!!!!!

I took a crash course recently (on my mother's behalf) and have decided to hold off as long as possible...if possible...and pursue other sources.

I know more than I bargained for, the original (1989 maybe) FHA brand has somewhat lower interest rates, flexibility more like a HELOC so you pay off interest only on the amount you drew.
But staggering fees and costs for closing, including Mortgage insurance...no way around that because the lender can not collect more principle than originally approved so needs insurance (you pay) in case of a gap between amount approved and amount used by the time of death or what ever terminated the need for the mtg.

"New" kind is not gov't backed, closing costs that I was quoted here were only $175. Far less complicated document requirements and stuff. The insurance is not needed. One can borrow up to a formula figured maximum, but I believe it must be at least 100K, and you are given the lump sum...so the fixed rate interest is on the whole amount even if one spends only a fraction of the approved principle.

Why are you asking Ray...or are you messing around cuz Tom is dreamy?

this is an interesting financial tool that doesn't help my family but may be interesting to some. In essence, they front you equity for up to maybe 30 years, could be used for the down stroke at purchase too, and become a partner in the property counting on a profit to split with you at time of sale...and supposedly they share in the risk of a loss if value declines...
No payments, I believe, just cut up the winnings when selling the home.


https://www.unison.com/ 

I think it's a RIP OFF...

IT'S A TECHNICAL NIGHTMARE...

AND IT SCREWS YOUR HEIRS OVER ROYALLY...

WHEN THE "MAN COMES KNOCKING...UNWANTED ...AND TELLS YOU HOW GREAT IT IS..."

THEN BE PREPARED TO GET BANGED IN THE AZZ REAL HARD WHILST YOUR BENT OVER GRABBING YOUR ANKLES... AND LIKE IT..

it's done a lot of bad, supposedly has been cleaned up some. I dunno...

my mother's residence was set up as a life estate years back so she could not apply for more than the percentage they'd loan on half the current value (maybe less, it comes down as the parent ages I think) but my sister and I could not lose a nickle of our "half"...

but understand that years ago when the life estate was put on it we were protecting the property from being taken as an asset in case one of our parents went to a nursing home. Not all heirs would do what we swore to do though, and that was to promise my mother and our late father that our inherited protected share would always be their money if needed, we'd spend every nickle of it on their care, it was just protected from seizure by the gov for skilled nursing care and they'd qualify for medicaid...I get it but don't really understand if I am properly explaining this.

We are on a fixed income now and a much lower payment is what I’m lookin for

#10- Ray

find out if your mortgage bank offers "Mortgage Recasting". No one advertises it but many offer it.

rough definition...your existing interest and mortgage terms stay intact, and unlike refinancing you don't go through the closing costs and filing fees and other BS of a new mortgage. There will be a small charge for closing maybe $250 ...but they will ask for a lump sum of money paid toward your principle balance, typically 5k, but could be more sometimes.

They then "recast" your payment based on the lower principle balance and other terms of your mtg like remaining years. It's reasonably possible your new payment on your old mortgage drops a few hundred bucks.

I have no idea what people know or not, so I don't want to come across as a know-it-all, and I am not in banking or financing. But I have been in jobs where I had to learn stuff and I ask tons of questions like you are asking.

One time I came close to taking out a HELOC to pay off my conventional 1st mortgage so I would have the option of just paying the interest if money ever got tight(er)...but that crisis was averted.

rates are low. maybe refi for 30 years at a fixed rate. If lowering what goes out monthly is the issue, that extended time should lower your payment significantly...just account for the downside of the deal.

I can't help feeling a true reverse mortgage would be you living in a house for 30yrs and the bank gives you monthly payments to buy it from you. And you get to increase payment cost over time for rising taxes and insurance rates

Ditto...….we own our home,bought back in the early 90's,but now pay 80% monthly in insurance and taxes of what our mortgage,insurance and taxes together were back then.The American dream is fading fast if not gone already.....reverse mortgages just seem like that big billboard that says "The end is near".

Do not let bankers talk you in to using things you own as collateral for loans, always minimize whatever risk you're taking on. Remember, regulations or not a bank and its employees are programmed to see dollar signs.

All I have ever heard from financial planners is that they are an expensive alternative that should only be used as the very last available option after all other avenues have been explored.