Reverse Mortgage?

[oftpiste]

Anyone done/have one or have deep knowledge?

[subtle plague]

No but I have deep knowledge of reverse cowgirl. Does that count?

[liv2ski]

Former mortgage dude here and I hate them as the upfront fees are really high. If a person needs money from their house just sell it and go rent.

[oftpiste]

No but I have deep knowledge of reverse cowgirl. Does that count?

Me too, so ..... no, it doesn't. but feel free to post pics

[oftpiste]

Former mortgage dude here and I hate them as the upfront fees are really high. If a person needs money from their house just sell it and go rent.

unfortunately it's more complicated than that....

[tuacati]

I think a reverse mortgage can make sense for certain situations. For example, no kids or family to leave the house to. Selling the house is not an option, your property/house is perfect and in an ideal location. Why leave all the equity to someone else at death. I say enjoy retirement to the maximum, driving and tracking a Porsche 911 with the money from the reverse mortgage. That's my plan anyway.

[liv2ski]

Granted, I am baked at the moment but that isn't a well thought out plan.
When you apply for the mortgage they're only going to lend you 70% of the current value. So why would you at the end give the lender the other 30% equity plus appreciation if you have no heirs?
I am all about leaving all the equity to my kid's/grand children.

[fomofo]

Me too, so ..... no, it doesn't. but feel free to post pics