'reverse mortgages' posted by RobinD @ {post.created_at.to_s(:post_time)}

RobinD — Tue, 27 Oct 2009 21:24:42 -0000

I would contact either the AARP which have a lot of info on the subject, or contact a real estate attorney. Lots of red tape, and sometimes it's better to sell or rent and move them in with family or into assisted living.

I have a background in real estate and the reverse mortgage thing frightens me as well. I believe it has to do with the equity in the property as well as the existing liens and taxes. Basically (very), you take a loan against the property for the equity of the home, but it's in reverse and they either pay you a lump sum or monthly payments. At the end of the term, they own the house.

Very iffy, and lots of tax implications. It's not a proven thing yet, and with the property slump we've had, it's probably not a good idea to resolve her issues. That's just my opinion...

Good luck.

'reverse mortgages' posted by ejgerr28 @ {post.created_at.to_s(:post_time)}

ejgerr28 — Mon, 19 Oct 2009 22:11:48 -0000

can someone please advise? my mom wants to get a reverse mortgage on her home. it is worth 150,000. per the bank. she has already used up a home equity line of credit of 24,000. her income is approx. 650.00 a month. she currently gets medicaid to help with her health ins. and 16.00 (yes, only 16.00!) a month in food stamps. i'm afraid the R M will affect her benefits. i don't know where to go for advice. the bank tells me it is a line of credit. they advise me to ask the medicaid office. have you ever tried to call the pa. dept. of welfare? they won't give out any answers annonymously. can someone help me?

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'reverse mortgages' posted by RobinD @ {post.created_at.to_s(:post_time)}

'reverse mortgages' posted by ejgerr28 @ {post.created_at.to_s(:post_time)}