Posted by Waterloo on February 04, 2008 at 17:42:08 from (74.171.133.160):
In Reply to: Reverse mortgage posted by dave guest on February 04, 2008 at 15:54:05:
Dave,
I was hired as a consultant (real estate appraiser) a couple of years ago to help with a reverse mortgage analysis for retired property owners. The end result was the reverse mortgage could only be 1/3 the total value of the property. The best out come for this property owner was to take out a typical mortgage against the property. Than start a annuity with part of the money and apply the portion needed to cover the 1/3 that would have been reverse mortgage (taken out in cash). This method covers the mortgage free and clear and does not leave the heirs to the estate with a mortgage against the property. The property will be free and clear at the end of the term of the loan or have a large annuity to apply to the debt if paid off early.
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