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Thread: Reverse Mortgages.... help

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    $ CASH MONEY PROMOTIONS$ Dark & Lovely's Avatar Dark & Lovely is offline
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    Reverse Mortgages.... help

    I know we have some mortgage bankers on here..whAT EXACTLY is a reverse mortgage. What is the benefits and disadvantages of it.
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    Temporary Suspension Swerve is offline
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    Quote Originally Posted by Dark & Lovely
    I know we have some mortgage bankers on here..whAT EXACTLY is a reverse mortgage. What is the benefits and disadvantages of it.
    I thought it was a mortgage product that only Older/retired people were eligible for. Was this an option offered to you?
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    Kiz
    Registered User Kiz's Avatar Kiz is offline
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    it mean when they dun wid you you go be renting again

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    smoke di herb Hot_Gal973's Avatar Hot_Gal973 is offline
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    ^^^ ah swear yuh doen't say anything constructive..

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    Registered Introvert Blunt Griot is offline
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    A reverse mortgage is basically a monthly allotment given to the home owner based on the amount of equity they have in the house. Usually the home owner is more mature and typically a retiree and owns the home outright so instead of them making mortgage payments they received payments from a mortgage company/bank hence the term reverse mortgage.

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    Temporary Suspension Swerve is offline
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    Here U go

    A New Kind of Loan: In Reverse
    A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

    all at once, in a single lump sum of cash;
    as a regular monthly cash advance;
    as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
    as a combination of these payment methods.
    No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.
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    Kiz
    Registered User Kiz's Avatar Kiz is offline
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    Quote Originally Posted by Swervin
    A New Kind of Loan: In Reverse
    A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

    all at once, in a single lump sum of cash;
    as a regular monthly cash advance;
    as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
    as a combination of these payment methods.
    No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

    she ent have no problem she go be 62 in 2 yrs

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    $ CASH MONEY PROMOTIONS$ Dark & Lovely's Avatar Dark & Lovely is offline
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    Quote Originally Posted by Swervin
    I thought it was a mortgage product that only Older/retired people were eligible for. Was this an option offered to you?
    no babes ..it wasnt offered to me...i am 2 young...but
    i know someone who is trying to push it on my grandparents.
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    $ CASH MONEY PROMOTIONS$ Dark & Lovely's Avatar Dark & Lovely is offline
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    Quote Originally Posted by Trinikiz
    it mean when they dun wid you you go be renting again


    "TOO BLESSED TO BE STRESSED
    TOO ANNOINTED TO BE DISAPPOINTED"

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    Temporary Suspension Swerve is offline
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    Quote Originally Posted by Dark & Lovely
    no babes ..it wasnt offered to me...i am 2 young...but
    i know someone who is trying to push it on my grandparents.

    Thats your inheritance the bank is taking... lol..
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    $ CASH MONEY PROMOTIONS$ Dark & Lovely's Avatar Dark & Lovely is offline
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    Quote Originally Posted by Swervin
    Thats your inheritance the bank is taking... lol..

    i figured that...
    but its not happening...trust me
    "TOO BLESSED TO BE STRESSED
    TOO ANNOINTED TO BE DISAPPOINTED"

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    Temporary Suspension Swerve is offline
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    Quote Originally Posted by Dark & Lovely
    i figured that...
    but its not happening...trust me
    U better protect your investment!!!...


    Out of curiosity...was this unsolicited from a mortgage broker or did your grandparents call them to refinance or something?
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    Chick with Spicy Attitude Chicktitude is offline
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    Note they said you don't have to typically pay it back as long as you livng there or alive. However it is counted against the actual property value in estate settlements etc. Kinda like borrowing against the growth value of whole life insurance policy, the person who owns the policy doesn't have to pay it back, but if the policy is cashed in, that amount and the interest of the loan is deducted first before any payout.

    I would say if its not a desperate need don't do that reverse mortgage.

    Quote Originally Posted by Swervin
    A New Kind of Loan: In Reverse
    A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

    all at once, in a single lump sum of cash;
    as a regular monthly cash advance;
    as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
    as a combination of these payment methods.
    No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

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    Gangsta Boogie Bake n Shark's Avatar Bake n Shark is offline
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    Quote Originally Posted by Blunt Griot
    A reverse mortgage is basically a monthly allotment given to the home owner based on the amount of equity they have in the house. Usually the home owner is more mature and typically a retiree and owns the home outright so instead of them making mortgage payments they received payments from a mortgage company/bank hence the term reverse mortgage.
    Good info

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