Reverse Mortgages

[REACTIVATED IN CT]

Someone suggested a reverse mortgage as an option for my friend who can no longer afford her home - mortgage payments, insurance, maintenance, etc on her Soc. Sec. checks. I'm wondering if it is an idea that I should pass on to her.

She still owes on her home (not sure how much). Does a reverse mortgage make sense in that situation ? Is it better than letting the house go into foreclosure ?

[jwirr]

1. I am interested in the answers to this question also.

[Paper Roses]

2. Check out all the comments on DU2 about Reverse Mortgages.

Unless you have no heirs, I question the wisdom of using this option. Believe me, I know. I have one and wish I didn't.

http://www.democraticunderground.com/searchresults.html?q=Reverse+Mortgages&sitesearch=democraticunderground.com&sa=Search&domains=democraticunderground.com&client=pub-7805397860504090&forid=1&ie=ISO-8859-1&oe=ISO-8859-1&cof=GALT%3A%23008000%3BGL%3A1%3BDIV%3A%23336699%3BVLC%3A663399%3BAH%3Acenter%3BBGC%3AFFFFFF%3BLBGC%3A336699%3BALC%3A0000FF%3BLC%3A0000FF%3BT%3A000000%3BGFNT%3A0000FF%3BGIMP%3A0000FF%3BFORID%3A11&hl=en

Edited because I goofed with the link.

[REACTIVATED IN CT]

3. Thanks. That's why I was trying to figure out how to access DU2.

Turns out that a reverse mortgage would not work for her because her home value has dropped so much that she doesn't have any equity (under water)

[Paper Roses]

4. More RM info: See link.

This poor woman.

http://www.democraticunderground.com/101432022