Anybody out there doing this? If so, is it working for you? I looked back to see if this has already been talked about but got tired after scanning dozens of threads. Probably should be talked about again anyway.
2. I wonder if anyone will offer them going forward.
In a market where homes continue to increase in value, it's a pretty safe bet that the guy offering reverse mortgages will make out OK. In a declining market, the risk of pegging the future property value becomes an issue. I wonder how those contracts are working out for those that sold out at the top of the market?
your lifes work, if I owned a house and was comfy i would rather hold auditions when my time was nearing an end and give my house to a family that could use it rather then to the banks. I understand alot of people wnat to live out their golden years on cruises and what not, just thinking it would be very good karma to pass along to a needy family rather then a greedy bank.
I recently got a wealth of info ( including a DVD ) from Indymac. It was extremely enlightening and helpful. I've given the DVD to 2 friends so far and both couples are VERY happy to have seen it.
Go to www.financialfreedom.com . You can request it there. They don't ask for much more than your email and snail mail address.
I like to think of reverse mortgages as sort of an insurance policy. I hope my IRA, pension and SS will be enough to carry me through retirement, but I just feel better knowing I'll be able to tap into my home equity should the need arise.
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