I keep seeing reverse mortgages on TV. Anybody know how they work?
Do ya keep the property till ya die? Or do they just wheel you out to the curb for the county to pick up when the payments to you are over.Have several properties and wondering. Getting Rent and a Mortgage payment on property sounds like a good thing. ........Grampa wants a Speedboat!
I don't think that is the wisest thing to do unless you have no family. Most people want to leave an inheritence to their kids, or in my case- I will get the house when the time comes if I don't die first.
A reverse mortgage pays you so much based on the equity in your house and take out a percentage but you would still have to pay some type of payment on the loan. If you have family and they want the property they will have to come back and pay that mortgage back.
I understand that Vital and thanx everbody.Well the age limit sucs and if I sell houseoutright /TAXES. Hard enough living on savings and some from retirement I really cant touch for years without serious tax problems. Just trying to be creative as I'm only 51. 63 is a ways off.....and I'm at a age where I think I'm gonna get snagged into waiting till 69. maybe I should consider Carrying two mortgagesmyself.