Replies

You know my uncle looked into opening up his reverse mortage to borrow more and the bank told him the closing costs would be more than the loan. “

Reverse mortgages should be a last resort. They can cost 10 points. BAD investment for most people.

35 posted on 07/02/2013 11:52:42 AM PDT by stephenjohnbanker (The RINO/amnesty argument goes like this: 1) If we pander to Hispanics, we will save the GOP, at le)

RE :”You know my uncle looked into opening up his reverse mortage to borrow more and the bank told him the closing costs would be more than the loan. “
.....
Reverse mortgages should be a last resort. They can cost 10 points. BAD investment for most people.”

He got it in early 2008 before hell broke loose and it wasnt bad at all.
my grandmother got her’s around 1999 a really good deal for her.

Now the insurance in the closing costs is unreal. It destroyed it. It violates the payday excessive fee laws .
I need to look into this.

Really good idea ruined by the housing loan disaster.

36 posted on 07/02/2013 1:50:46 PM PDT by sickoflibs (To GOP : Any path to US citizenship IS putting them ahead in line. Stop lying about your position.)