Anything you read online when trying to find out more info on reverse mortgages only talks about the variety available to seniors.
There are other products available that are not limited to seniors. Granted, they're not conventional products, but they are available and I was wondering if anyone on tribe has any experience with them.
How do they work and what has your experience been?
I'm thinking about purchasing a house using one of these products and I want to find out everything I can about it first.
Thanks.
There are other products available that are not limited to seniors. Granted, they're not conventional products, but they are available and I was wondering if anyone on tribe has any experience with them.
How do they work and what has your experience been?
I'm thinking about purchasing a house using one of these products and I want to find out everything I can about it first.
Thanks.
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Re: Reverse Mortgages
Tue, October 2, 2007 - 6:16 PMI've noted your sarcasm, but it wasn't a funny question. It was a serious question. -
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Re: Reverse Mortgages
Wed, October 3, 2007 - 10:06 AMReverse mortgages work, as I understand it, by paying you back from the equity in the house. The only way I could see that working, and I'm not a financial person, is if you paid cash. Are you in the position to pay cash? -
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Re: Reverse Mortgages
Sun, October 21, 2007 - 2:07 PMWell that's not exactly how a reverse mortgage works.
Any info offered by someone who knows something about reverse mortgages?
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Reverse Mortgage Blog
Tue, December 11, 2007 - 1:34 PM
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Re: Reverse Mortgages
Sun, October 21, 2007 - 4:18 PMHey Jay!
I'm not in the mortgage industry - but you can read some stuff at this website if you've not already checked into it by now:
www.reversemortgage.org/AboutR...lt.aspx
Hopefully that'll give you at least *some* of the info you're looking for but I'm not sure that there is a product available for you as far as reverse mortgages go... though if I were you I'd just speak directly with a mortgage professional in your area who will be able to help you when the time comes.
Best of luck to you! -
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Re: Reverse Mortgages
Sun, October 21, 2007 - 10:14 PMHi Janet. Thanks for your response.
There are non-conforming reverse mortgages available. I'm trying to find out more about them from a source other than the lender trying to sell me the loan.
I'm not a newbie to the industry. I'm a licensed real estate agent with lots of experience in the mortgage industry.
I'm hoping to hear from someone who has specific knowledge of or experience with the type of product I'm describing. -
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Re: Reverse Mortgages
Tue, October 23, 2007 - 7:40 AMwell - i see you've already found the reverse mortgage tribe - maybe some of these other tribes possibly have someone in them who could help out?
proudestates.tribe.net/
tribes.tribe.net/creditrestoration
tribes.tribe.net/realestat...fessionals
If not - do you have an account through ActiveRain.com?
it's REALLY a great networking site for those of us in the industry.
here's my profile:
activerain.com/action/ref...anetpatrick
and this link *should* bring you to the mortgage groups:
activerain.com/groups/list
if it doesn't, just click on the GROUPS tab and search
best of luck to you! -
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Re: Reverse Mortgages
Tue, October 23, 2007 - 7:42 AMoops! sorry - my linking skills ain't the best today... THIS is my profile over there:
activerain.com/janetpatrick
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Re: Reverse Mortgages
Tue, October 23, 2007 - 7:18 PMThanks for all of your generous help Janet, I really appreciate it. :) -
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Re: Reverse Mortgages
Mon, February 18, 2008 - 10:59 AMI do not believe in reverse mortgage and I asked to be let into your mortgage tribe but maybe the timing is not right and it is very slow. -
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Re: Reverse Mortgages
Thu, March 27, 2008 - 11:27 PMThey do exist, I can assure you...
And I don't have a mortgage tribe so I don't know what you're talking about.
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