SCOTT BURNS: Reverse mortgages, bucket method for retirement

Full story: Daily Breeze
Q: My husband and I are 65, retired, and own our home. Due to a family emergency last year, we needed to use a home equity line of credit. Full Story

Trumbull, CT

#2 Jul 24, 2010
Reverse mortgages look real good on paper. You get the money when you need it and what you take comes out of the proceeds from the sale of the home when you die. If you are like me and htink your kids should take care of themselves and not get a big, fat inheritence then this looks good. Btu what you don't typically see are the gotchas. Most reverse mortgage lenders are NOT in it for the long haul - they want their money back quickly. So they sneak in little things like you have to keep up certain insurance and property taxes. So if you and you spouse are injured or take ill and forget to make an isnurance payment, bang their goes your house!

As with all things, but especially reverse mortgages, RTFP.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Retirement Discussions

Title Updated Last By Comments
Teachers union president vows to fight cuts to ... (Feb '14) Mon ShouldBPres 7
Obamaa s myRA retirement accounts are now a rea... Jan 20 Drippy Slipper oink 7
Feds React To Agency Car Sold For One Dollar Jan 14 GOVT SCREWS PEOPLE 2
Illinois government worker pension system remai... Jan 12 Sean Tankarian 1
Congressional deal would allow benefit reductio... Jan 12 Foster 30
Quan lost ton of cash in re-election bid as Oak... Jan 8 OMF 1
Retirement Knowledge Lacking Among Americans Dec '14 Alaine Black 3
More from around the web