Would like to know some details about these loans..been reading some..anyone have any experience..thanks

Magnum p.i. Says they are good.

Most of what I have read is very negative to me this would only be a last resort type of deal to float you in retirement.

Don't take his word because he is suffering from dementia!.....He thinks he is at a rodeo!

It isn’t too much different than selling your house. Difference is you get paid out over a period of time and can stay to live there. If you’ve spent a lifetime paying it off can be a good way to recoup some of the equity. Devil is in the details, however as you don’t fees and whatever else to dig into your payout.

Don’t do it !! If you don’t pay loan money back before it's too late they take your house away . I have a church member that is handicap and in her 70s’ . Her husband dealt with them and did the reverse mortgages and couple years ago he had a heart attack and died . His wife needs to go into assisted living but can’t afford it cause she can’t sell the house . So now she has to live there and depends on church members and friends for all her needs cause she has no close relatives to help her . It’s really a bad situation cause she really needs that assisted living !

They can be useful for some individuals in limited circumstances. The borrower must go into the deal expecting that the house will belong to the lender when s/he dies, so if the borrower has any intention of handing the house down as inheritance, it's not a good idea.

As noted above, it's also possible to outlive the loan terms and be on the hook for payments during the borrowers lifetime.

its a no brainer in the right situation
your house needs to be on the upper end
100% paid off
you do not lose your home the day you die
the heirs have a chance to pay off the loan, or sell the house & keep whatever the amount is over the loan amount
you get like 59% when you sign the deal
& the rest in 1 year
& live in your home until you die

find a legit group to help you

Last, last option to feed yourself. Once the value runs out so does the money, its a terrible plan to take advantage of those who did not prepare for retirement.

I look at reverse mortgages with the same skepticism as I do annuities.

Nobody forces them

I don’t think they are a good idea. What you are doing is pulling equity out of your house, and creating debt and paying interest, and your debt gets bigger and bigger. Is that what you want when you retired? If you need equity in your house, sell it and buy a cheaper house, this is a better financial solution.

unless you are 78 & don't wish to move
there is no debt created
the heirs can pay the loan, or turn over the keys
the 1 we are looking at gives you a year to sell the home
my Mother can get $500K

Is what you get taxed as ordinary income?

Looks to that what you worked so hard for is going to be reduced by yet another mortgage company and the government a second bite. Then you get too much money...they charge you more for the Medicare you have earned.

I wouldn't think so, it's a loan basically