You may be leery of the commercials you see on TV regarding Reverse Mortgages
but these are real instruments and not scams as my soon-to-be-ex claims they are. I recently attended a seminar put on by Wells Fargo, one of the leading, conservative and reputable lending institutions out there today, (that’s not to say there aren’t others out there also). What I gleaned from this session is that this is an instrument that can improve the quality of life of seniors that own their homes. This can only be used if the youngest person who’s name appears on the deed is 62 or older. The max you can take advantage of is $417K even though you may have more equity in your home. The end result is that you can take payments or a lump sum and can live payment free in the home until the last person on the deed passes away. While I was there in the meeting another Realtor was inquiring with the intent to exercise this option on his own home. Now there are a myriad of factors that govern how much money you get etc but the intent of this blog post is to say that as far as I have been able to see this is a real and viable option to provide our seniors out there with the ability to enjoy their last years more fully.
As usual I invite your opinion.
