Reverse mortgage

iVillage Member
Registered: 05-05-2006
Reverse mortgage
1
Fri, 05-05-2006 - 9:26pm
Has anyone heard of this? Im reading more and more. I don't want to sell my house, but finance's are not what they were. I'm 63 F in Florida I think this is the only way to save it. I have no credit to go to the bank. Thanks in advance. Ms Shirley
Avatar for 2locachicas
iVillage Member
Registered: 05-14-2003
Fri, 05-05-2006 - 10:33pm

Ms Shirley-

This is actually one area I am an expert so I am happy to help. My husband works in this area as a fundraiser so we talk about it a lot. I spoke to him and he honestly doesn't think at your young age anyone will be able to help you but he did give me a website you can look at to get a better idea.

www.financialfreedom.com/ReverseMortgageCalculator/

is the site he suggested. You are able to do a calculator to get a better idea of your reversability. But even if you have lots of equity there isn't a high likelihood of your being able to secure one since you life expectancy is over 15 years.

Do you have a lot of equity? Could you sell and buy smalleror buy a condo? Could you take a roommate? We like to think outside of the box here and would be happy to help you if you have any questions.

Loca