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Reverse mortgage?

My parents just retired and I was wondering if a reverse mortgage is a good idea? Thank you
By branson.sherry135 from TX Nov 5th 2014
Reply

There are pros and cons just like any other mortgage. Discuss with a local loan agent who specializes in reverse mortgage. They will show you the ins and outs. Good luck!

Nov 5th 2014

Hi Sherry, I am a reverse mortgage specialist, and would be happy to answer your specific questions. I will honestly share the pros and cons, and can give you an idea of how much money would be available to your parents. You can reach me, Dave Metsker, at 503-620-2239, or at [email protected] I am a senior myself, and I love to help other seniors to live a better lifestyle.

Nov 5th 2014

Sherry, reverse mortgage loans can be a good financial tool, but they aren't for everyone. If paying off an existing mortgage, or having some additional cash flow each month can improve your parents financial quality of life, it wouldn't hurt to look into a reverse mortgage. I've been helping Texas seniors with reverse mortgage loans for 7 years. Feel free to call me at 214-360-9991 and I will be glad to provide more detail, including costs and benefits.

Nov 5th 2014

Check with a reverse mortgage advisor in your area.

Nov 6th 2014

It's best you contact a local mortgage broker experienced with reverse mortgages and let him put together several loan scenarios. Once you have actual examples, it's easier to see how they work and whether or not it's beneficial to them. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 6th 2014
by

Check with a CFP or CPA in your area as you would want to obtain advice where they are a third party arms length removed from the transaction. Ultimately you would want an unbiased opinion.

Nov 6th 2014

It depends on the financial situation of your parents and the amount of equity they now own? It could be helpful. But, as with anything in the mortgage realm get with a company that specializes in Reverse mortgages. Don't be to concerned about fees. There's only a certain amount of fees any firm that does Reverse mortgages can charge. Just find a reputable company. Parents can receive monthly payments until passed. Then I believe you will have 1 year to either refinance the mortgage or sell the property. At that time its paid off. Ask for Kevin Miller the CEO at TexasLending.com. Tell him Pete Val sent you! Kevin is the best man I know in the Biz,.. I learned everything I know from him. Kevin is smartest & most honest guy I've known in the Biz! He's Straight Up, Like Hi-Noon,..! Thanks, pjljv

Nov 6th 2014

It depends on your parents financial situation & how much equity they now own. As with anything pertaining to the mortgage biz. Get with a reputable company. I believe they would receive payments until passed then you'll have 1 year to either refinance the mortgage or sell the property, which pays off the reverse. Call Kevin Miller the CEO at TexasLending.com. Most knowledgeable & honest guy I know in the Biz. I learned everything form him. He's Straight Up, Like Hi-Noon. Tell him Pete Val said Hello,...! Thanks,.. pjljv

Nov 6th 2014

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