Anonymous
09/07/2023 20:57
Subject: What do you know about reverse mortgages?
they’re a bad idea. My mother was about to do this til I found out and threatened the company. She had dementia and so was her POA. Her house was paid for and she was about to take a loan out against it. You may wanna post this in the real estate section not the health forum.Anonymous wrote:After years of saying she wanted to sell her house and downsize to a senior apt, my mom has decided she wants to age in place, which is fine, except all of her cash is tied up in her house. I just want to think through her potentially needing an aid/caregiver to come to the house a few times a week. Does anyone know those costs? Does medicare cover any of it?
From the mortgage perspective for those who have BTDT, any pros/cons/pitfalls to share?
Her house is valued at $400-450k, and she has a $55k mortgage. How much will she be able to take out? Is it easy to get approved? Can you shop around? Why would someone be denied a mortgage? Are reverse mortgage rates similar to current regular mortgage rates? Is it better to do the mortgage now, while she is healthy and doesn't need the money?
Thanks
Anonymous
09/05/2023 16:31
Subject: What do you know about reverse mortgages?
Anonymous
09/05/2023 16:29
Subject: What do you know about reverse mortgages?
After years of saying she wanted to sell her house and downsize to a senior apt, my mom has decided she wants to age in place, which is fine, except all of her cash is tied up in her house. I just want to think through her potentially needing an aid/caregiver to come to the house a few times a week. Does anyone know those costs? Does medicare cover any of it?
From the mortgage perspective for those who have BTDT, any pros/cons/pitfalls to share?
Her house is valued at $400-450k, and she has a $55k mortgage. How much will she be able to take out? Is it easy to get approved? Can you shop around? Why would someone be denied a mortgage? Are reverse mortgage rates similar to current regular mortgage rates? Is it better to do the mortgage now, while she is healthy and doesn't need the money?
Thanks
From the mortgage perspective for those who have BTDT, any pros/cons/pitfalls to share?
Her house is valued at $400-450k, and she has a $55k mortgage. How much will she be able to take out? Is it easy to get approved? Can you shop around? Why would someone be denied a mortgage? Are reverse mortgage rates similar to current regular mortgage rates? Is it better to do the mortgage now, while she is healthy and doesn't need the money?
Thanks