FYI: Im posting this as a warning even though I dont know every minute detail. We see many celebrities on commercials for Reverse Mortgages. Dont forget, theyre being paid for doing the commercials. In a way, reverse mortgages sound almost too good to be true. To me, that raises a red flag for starters. Im sure some are just right for some people but be sure to do your homework and *READ AND UNDERSTAND THE FINE PRINT* before you sign anything. Why am I posting this warning? I saw on some talk show a woman who is now homeless and living in her car because the couple overlooked the fine print on the reverse mortgage her husband had signed for them. The house was all in his name (I wonder why). He was a few years older than her. He was older than the minimum age eligible for a reverse mortgage. She was less the minimum eligible age when he died so the house became the banks, not hers, and she was evicted! So be careful!
Posted on: Fri, 21 Feb 2014 11:52:44 +0000