CDZ Lump Sum Payment Reverse Mortgages

[william the wie]

A lot of pensioners within the blue wall will try this form of cash out to finance their escape to sanity but how long will the mortgage companies stay in business and how fast will the tax base shrink? I'm trolling for SWAGs and hopefully information please list state of residence.

 

[jillian]

A lot of pensioners within the blue wall will try this form of cash out to finance their escape to sanity but how long will the mortgage companies stay in business and how fast will the tax base shrink? I'm trolling for SWAGs and hopefully information please list state of residence.

you should never do a reverse mortgage if you have heirs.... they will be responsible for paying back any sums owed out of the estate, upon the death of the person who took the loan.

 

[Billy_Kinetta]

You'd do better just selling the house.

 

[william the wie]

You'd do better just selling the house.

Normally true but I suspect not in this case if the people getting the payment do it before the new taxes to make up for reduced tax base start making headlines. With a lump sum you are in effect selling the house if that's what you want to do.

 

[usmbguest5318]

A lot of pensioners within the blue wall will try this form of cash out to finance their escape to sanity but how long will the mortgage companies stay in business and how fast will the tax base shrink? I'm trolling for SWAGs and hopefully information please list state of residence.

you should never do a reverse mortgage if you have heirs.... they will be responsible for paying back any sums owed out of the estate, upon the death of the person who took the loan.

you should never do a reverse mortgage if you have heirs.... they will be responsible for paying back any sums owed out of the estate, upon the death of the person who took the loan.

??? Why would they be? Can they not simply let the reverse mortgage grantor have the property?