Anyone have experience with reverse mortgages? : r/homeowners
2021年11月23日 · Reverse mortgages are generally a terrible financial decision. A HELOC or cash-out refi would let you extract cash, but you'll obviously owe the money and need to make payments.
What are the downsides of a reverse mortgage? : r/RealEstate
2024年4月12日 · It’s like any loans out there, there are positives and negatives. Do your research and learn as much as you can so that you can make your best decision. The most reputable reverse mortgage loan out there is the FHA HECM Reverse Mortgage option. Be cautious of the scammers out there trying to pass themselves off as a reverse mortgage lender. The FHA …
Can we keep the family home that has a reverse mortgage? - Reddit
A reverse mortgage is just that, a mortgage in reverse. In a regular mortgage the bank owns your home and you buy it back from them one month at a time with interest.
ELI5: Reverse Mortgages : r/explainlikeimfive - Reddit
A reverse mortgage is loan program for seniors, it allows them to access the equity they have in their homes. Instead of them making monthly payments to the lender, the lender makes monthly payments to them.
What is so bad about reverse mortgages? : r/Bogleheads - Reddit
2024年5月16日 · I mean that’s essentially what a reverse mortgage is without as many steps. Reverse mortgage companies aren’t losing money. In my opinion the reverse only makes sense when you can’t get a regular Heloc, for example if you need a lot of repairs or your credit or LTV sucks, or they require income to get it.
ELI5 Reverse mortgages : r/explainlikeimfive - Reddit
2022年11月10日 · A reverse mortgage can be structured as a lump sum payment, line of credit, or periodic payment - the periodic payment is easiest, so we’ll assume that. With a reverse mortgage, the Bank pays you a certain amount periodically. Your equity in the home decreases while your cash increases, and the Bank’s loan increases while their cash decreases.
Best Reverse Mortgage lenders? : r/RealEstate - Reddit
2021年2月27日 · The website provides a list of the top 20 reverse mortgage lenders of 2024, offering insights on selecting a trustworthy lender, such as choosing one that has your best interests at heart, being cautious with online reviews, considering all loan details including lender margin and closing costs, ensuring the lender is approved by HUD, and being ...
ELI5: What is a reverse mortgage? : r/explainlikeimfive - Reddit
2021年12月10日 · Well, to get a reverse mortgage you need to have equity in your house to borrow against. So if your house is worth $300,000 and you owe $280,000, you probably won't qualify.
Some questions about reverse mortgage and when the loan …
2020年12月14日 · From my understanding of reverse mortgages, the bank takes the money of the equity and the borrower gets paid either a lump sum or a monthly payment until they die, move out of the home or sell the home.
My father died with a reverse mortgage and no assets. - Reddit
2024年6月17日 · A reverse mortgage makes payments to the homeowner, generally with the explicit agreement that the lender owns the house when the homeowner passes. As a result, you likely do not own the house, and since there was no will, the estate would have to be probated to settle debts and dispose of property.