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Ambassador
2,684,009
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   Bitter heirs. 

Oct 07, 2017 05:22 PM
Ambassador
6,393,404
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Far too often they seem to prey on the elderly, and catch their children by surprise later.

Oct 07, 2017 03:41 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

The family generally has to handle the sale or disposition of the home and they are not happy that their relative created this debt.

Oct 07, 2017 06:31 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

there are specialists with the topic of reverse mortgages.... all questions I have would be directed to them....

Oct 07, 2017 03:51 PM
Rainmaker
4,572,183
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

I don't have any concerns because I would refer questions such as this to experts in the field.  It's best not to practice outside one's field of expertise.  

 

Oct 07, 2017 03:47 PM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I agree with Bob Crane.

Oct 07, 2017 07:58 PM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Talk to a lener who does them.

Oct 07, 2017 06:45 PM
Rainmaker
900,128
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Very high fees.

Oct 07, 2017 06:08 PM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Lack of knowledge 

Oct 08, 2017 03:06 AM
Ambassador
5,049,133
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I would ask a reverse mortgage specialist, which I am not. I think heirs may have some concerns

Oct 07, 2017 10:46 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Have never done one... check with a mortgage specialist and financial/tax advisor.

Oct 07, 2017 10:22 PM
Ambassador
5,230,057
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Make certain the lender specializes in these - not all lenders are created equal when it comes to reverse mortgages.

Oct 07, 2017 08:53 PM
Rainer
321,564
Melissa Jackson REALTOR
Trinity Premier Properties - Azle, TX
Helping You Make The Right Move

Definitely talk to a lender that is actively working with reverse mortgages. People seem to shy away from what they don't understand.

Oct 07, 2017 08:45 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Ask an expert.  A

Oct 07, 2017 05:54 PM
Rainmaker
7,836,134
Roy Kelley
Retired - Gaithersburg, MD

Make sure the product will best meet the needs of the borrowers.

You have some studying to do.

Oct 07, 2017 05:01 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Kyle Beers I know some people like the wat it is done.

Oct 07, 2017 11:54 PM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

This question is at least 15 years ago where realtor and loan are same person.  The same goes with many questions at Utah school. 

Oct 07, 2017 11:35 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Costs.  mY parents did noe and the interest was very high and costs we al so.  They ended up  paying in iquity over 25%

Oct 07, 2017 09:14 PM
Rainmaker
2,182,552
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

That some folks will forget to pay their Property Taxes !

Oct 09, 2017 05:31 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

As Professor Fred Griffin wrote. He should be teaching your course

Oct 08, 2017 01:17 PM
Rainmaker
599,274
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I'm not a fan of these products and would personally highlight the negatives more than the positives.

Oct 08, 2017 07:37 AM
Rainmaker
2,220,323
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I am not familiar with reverse mortgages.  

Oct 08, 2017 05:08 AM
Rainmaker
1,196,798
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

I've never really looked into reverse mortgages Kyle Beers I don't think they are for everyone and can see where heirs may be upset

Oct 08, 2017 04:47 AM
Rainmaker
2,071,025
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

No idea.

Oct 18, 2019 10:48 AM
Rainmaker
1,598,452
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Interesting question, will read answers.

Oct 18, 2019 10:15 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

When life changes direction, a reverse annuity mortgage isn't kind to the realities of life. 

I think this is an underutilized resource that can address housing affordability for those whose income does not change to accommodate rising costs.

My advise to those who have elderly parents, be there to help them or you just might get surprised (bitter) by the decisions they make when they think you don't care or do not trust your response to their need for help.

Oct 09, 2017 07:38 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not done any

Oct 09, 2017 03:58 AM
Rainmaker
2,362,948
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

fraudulent lenders who prey on older people

Oct 08, 2017 08:34 PM
Rainmaker
1,543,662
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

I have none, why do you ask?

Oct 08, 2017 06:23 PM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

None. I never was a party in a reverse mortgage transaction. 

Oct 08, 2017 02:28 PM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

The people getting them not understanding how they work yet they close anyway and years  from now can lose the house not realizing they had to pay their taxes

Oct 08, 2017 12:44 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I steer clear of them.

Oct 08, 2017 08:48 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

The fees.

Oct 08, 2017 06:26 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Kyle Beers Read the fine print.

Oct 08, 2017 06:18 AM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I wish you all the best with your real estate studies.  

Oct 08, 2017 05:43 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Michael Jacobs  nailed this one!

Oct 08, 2017 05:26 AM