Reverse Mortgages

They try to make it seem like a good deal, but it would be the last resort for me to consider ... even with Fred Thompson and/or Tom Sellick as their TV pitchmen. :D

After everything I read about these reverse mortgages, I find it all to be a scary proposition. Looks like it digs you in so deep that you could never recover and get your house back, if you or anyone wanted to get title to it again.
 

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A reverse mortgage is just another loan that must be paid off.

It's just as bad as a variable-interest mortgage.

I bought a Retirement home a year before I retired, in 1997, on a 30-year fixed-rate mortgage. I put a lot down, so my payments were only a bit over $600 per month.

I don't like house payments, so by paying a lot extra toward the Principal, I was able to retire the mortgage in 12 years, saving me 18 years of Mortgage Payments, with all that interest!

This is what makes me able to pay cash for a new car every few years, and to buy large, expensive telescopes!

I now have more available cash than I did working full time!

HiDesertHal
 
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