and I really neeeed, no, NEEEEED to talk to someone that has done one, or knows a family member that has done this...

We have met with a guy on two occasions and somewhat like what he is saying, but, we need confirmation from the real world...PLEASE!!

What he's saying is that you spent your whole life paying off a house, only to turn around and give it back to the bank. Actually you'll be paying the bank for your equity.


Why not do a home equity?

no, my father did this before he died. Its basically stealing your house.

grout scout, we don't need the money...I'm looking at the no more house payment end of the deal.I


Devil Horse, recently? Didn't the heirs get the chance to sell the home?

go talk to your bank loan dept. about it, they may not do it but should know how it works.

imo, very bad idea.

as I understand it the heirs have to pay the "loan" back or sell the home.

just what I have heard.

"No more house payment" doesn't mean your house is getting paid off. It's the opposite, the bank is slowly buying your house back at a higher interest rate. If you have heirs, this is a sure way to screw them, but not everyone believes in leaving something to the next generation. So, your call.

yeah we did but what they gave dad was a small amount compared to what the house was worth plus he was fee'd to death on that deal and the interest it accumulated was unreal.

He would have come out MUCH better just selling and finding a smaller place. That was in 2003, maybe things have changed some i dont know.

Reverse amortization is a vicious thing - before you know it, all the equity in the house is gone.

No way. Sell your house and either rent it back or buy an RV and travel.

Do not do this. Very bad idea

Very good deal for all of the dumb azzz

What happens if your house is not worth what the bank loaned you? I am guessing the mortgage will be the first debt in line for the estate to pay off. I think you will come out ahead by selling the house and buying something smaller you can pay cash for. You have a paid off place to live in no debt, possibly some money in the bank.

My wife works on the title side of real estate transactions and she tries to talk people out of reverse mortgages. I'm sure the salesman made a great selling point to you, so it sounded like a great idea; but take the advice from all the post here. It's a bad thing and banks don't care about you.

No Way !!!!