How are reverse mortgages affected by the current credit crisis in the united states?
Are the benefits of them better or worse than they were before?
Tags: affected, Credit, Crisis, Current, Mortgages, Reverse, reverse mortgage, states, UnitedAre the benefits of them better or worse than they were before?
Tags: affected, Credit, Crisis, Current, Mortgages, Reverse, reverse mortgage, states, United
Reverse mortgages carry so many closing fees and maintenance fees they have never been a good idea.
Most people move out of their home on average when they are 85. When you move out = you have nothing – nothing to your name.
You can’t even buy a small apartment. Your children won’t want to take care of someone that owns nothing.
I forsee reverse mortgage business booming, but only because people like to borrow and not make wise decisions about their future.
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There are MANY terrible companies but much to Judy’s dismay, I am sure, there are many good companies out there as well. Research is the key word.
I would imagine that right now it might be harder to find one of the good ones willing to give much at all against your equity.