Reverse Mortgages Q: What is a reverse mortgage?
View Answer Q: Do any of the Reverse Mortgages offer senior homeowners payment alternatives?
View Answer Q: Please advise whether you think reverse mortgages are a good idea for seniors.
View Answer Q: I am in the process of applying for a reverse mortgage. My house is in trust, and I understand the trust document is subject to review by the lender. If the lender asks for a copy of my trust document, am I required to do so? If so, I feel the confidentiality of the trust is opened to some action or influence. What if I refuse to provide a copy of my trust documents?
View Answer Q: Do you know if points are deductible at the time of borrowing under a reverse mortgage? I have been told that interest might only be deductible at the end, when the loan is paid off.
View Answer Q: I have been reading a lot about Reverse Mortgages and thinking about recommending this to my mother, but I am concerned that it is expensive. Some articles say that it is not wise unless the person is going to hold onto the reverse mortgage for at least 5 years. What do you think?
View Answer Q: I am considering a reverse mortgage because I will soon need to make some major repairs to my house. I am 71 years old and have a small mortgage on my house. If I can qualify, should I get an equity line or a reverse mortgage?
View Answer Q: I have been hearing a lot about Reverse Mortgages, but am concerned about the terms and expense. What do you think?
View Answer Q: I am a Senior homeowner and have lived in Los Osos for a long time. I am disturbed, as are many of my neighbors, by the costs we might have to absorb with the proposed sewer system. I may have to sell my house and move to another state where housing is more affordable though I really don’t want to. I am on a fixed income. Do you have any suggestions?
View Answer Q: Will the new mortgage limits for 2006 affect reverse mortgages in any way?
View Answer Q: I am concerned about getting a reverse mortgage. Everything I read tells me it is a good move, but some advise the costs are too high. What is your opinion?
View Answer Q: I want to help my grandchildren buy a home but do not have any savings and cannot afford to get a loan on my home, which I have owned for over 25 years. Someone mentioned that I should look into a Reverse Mortgage to get the money to help my family. How does would that work?
View Answer Q: My husband and I are looking at trying to retire when we are both 62 and have been doing some advance planning. Currently it would appear that we would not be able to retire until my husband is 65 because of the house payment we would have left. We have done some investigating and know we are eligible at 62 for a reverse mortgage, but what advice would you have for us at this point? We have 4 years to go. We don’t want to sell our home and move out of the area which we love.
View Answer Q: Hi, my question concerns reverse mortgages. I am 51 and my wife is 54; we have owned our home for 5 years. Due to refinancing and other issues we currently owe $317,000 and are using an interest only loan, fixed for five years that will then convert to a 30 year loan. I plan to continue working until age 65, my wife will retire sooner. There is no way my home will be paid off by my retirement. How would a reverse mortgage work for our situation? We would like to stay in our home after retirement. I don't care so much about receiving income from the equity in our home, which won't be much, as I am concerned about not being able to afford a house payment using our pensions. Thanks in advance for any help you can give us.
View Answer Q: I saw a recent NBC Nightly News interview where the person talked about Annuities being purchased as part of a Reverse Mortgage. It was very disturbing! Are we required to buy an Annuity when we close a Reverse Mortgage?
View Answer Q: We have been reading various news items about major changes in reverse mortgages. We are both over the required age of 62 and would appreciate your explanation of the latest changes.
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