| Chuck - 2/25/2021 14:07
Your on the right track, If a spouse dies and is in a 300K home with high taxes, ins. and utilities to pay for. rather than down size or an apartment it drains their funds, That's the one scam is after. they pour more money into a sinking ship and the lenders will end up with full pockets.
Good or bad I don’t know.
But bank makes loan resale on open loan markets aka fees.
But that’s just a thought.
Edit: it’s a math trick good or bad and the gov is involved. Not saying I’m right but in the past banks played hot potato with Gov backed loans to the open market and in some cases it was packaged at a guaranteed profit wich made it attractive to investors.
Especially if there was tax incentive.
Now everything I said above may not be true because the choices on a “Reverse Mortgage” are vast.
Not saying good or bad. Just saying.
Quote that’s interesting.
There's a misconception out there that a person can only be eligible for a reverse mortgage once in their lifetime. However, this isn't necessarily true. Depending on your situation, you may have the need for a second reverse mortgage.
Edited by Steigermorepower 2/25/2021 15:30
|
Reverse Mortgage- why do one?
