Reverse mortgage
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Reverse mortgage
| 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

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