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About Reverse Mortgage |
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Edith: We are almost 70 and our children are grown and financially sound. Am thinking about a reverse mortgage. Our cash flow is zip. Our home will paid off in a few years and we have no intentions of moving. One mortgage company told me the interest rate is 4 percent and it could jump to 10 percent later. The amount given on each home is determined by the county you live in. They say the value of the home has nothing to do with the amount of money you can draw on it. My understanding is that this money does not have to be repaid until both husband and wife are deceased and the home is sold by the heirs. What do you think? |
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What you describe doesn't sound quite like the Home Equity Conversion (HEC) program backed by the FHA (HUD). How much you can borrow does depend on the value of your home, and also on your life expectancy (you're relatively young though the minimum is 62 years old.) Excellent information is available from AARP at 1-800-209-8085 or HUD at 1-800569-4287. Or you can go to www.hud.gov, click on "seniors" and then on "reverse mortgages" for a wealth of information |
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Edith
Originally published on February 6, 2005 |
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