Comments on: Non-traditional Mortgages Could Save You Money–or pay you like a Reverse Mortgage

By: Houston Mortgage

Houston Mortgage — Mon, 15 Feb 2010 20:00:36 +0000

Reverse mortgages are becoming more and more popular as seniors evaluate options to maintain their lifestyle. In my opinion, if they want to use up their equity and leave nothing to their kids, that’s their perogative. I know that if my parents wanted a reverse mortgage, I wouldn’t be upset, it’s their home.

Regards,
Chad

By: Johnv3210

Johnv3210 — Wed, 18 Nov 2009 08:19:58 +0000

I got a nice short overview of the options that are available, I hadnt put interest into it before, but find some new ways, new possibilities, I have a 30-year mortage on me btw.
John

By: Equity Release Specialist

Equity Release Specialist — Mon, 02 Nov 2009 12:23:08 +0000

‘Reverse Mortgages’ or Equity Release Schemes as they are called in the UK are becoming more and more popular. When you look at the retirement income provision of most of the population (here in the UK he adverage fund is supposedly £40,000), it beggars belief how some people even survive given the rising energy costs we are all facing!

Reverse mortgages, i believe, really help certain people out by, as you say, clearing off existing mortgages and potentially paying you an excess over this amount. Surely that has to be a good thing for many who are struggling to survive. But then as this interest is rolled up into one giant loan paid off on death - I just hope the people doing it let their kids know! Great post by the way, really simple advice which I too give to my clients.

By: Dave

Dave — Thu, 17 Sep 2009 11:29:09 +0000

Thanks for sharing, I only know a bit about reverse mortgages before reading your post

By: Dom

Dom — Tue, 28 Jul 2009 10:23:11 +0000

This is great advice, thanks!

I recently came across a series of five videos put together by the AARP, the membership organization for those that are aged 50+.

I have grouped these videos together, they really are worth a look - each one is packed with useful information:

http://moneysavingknowhow.com/RetirementPlanningVideo1.php?id=9876780340652360

http://moneysavingknowhow.com/RetirementPlanningVideo2.php?id=9876780340652360

and so on.

Thanks again, keep up the good work!

Dom

By: Brian Gosur

Brian Gosur — Tue, 30 Jun 2009 16:22:47 +0000

Great Post. I especially found it useful when you stated that these none traditional loans can be risky. So many people are in crisis modes right now and are easy prey to find some sort of relief.
I have a client of mine who is on an interest only loan. He is sixty five and the principle amount of his mortgage continues to go up. He is trying to put a couple of hundred dollars on the principle each month, but it is not helping his situation. He will never pay that mortgage off.
These are facts that people need to know.

Thank you for your post. I look forward to reading more.

By: Best etf funds lit

Best etf funds lit — Sun, 12 Apr 2009 16:12:04 +0000

If they use interest only moratge thier mortgage could go up after next rate increase if it is adjustable. I know some of the problems happened to people doing this and they would owe more money and payments would go up. Best etf funds lits last blog post..Oil etf.