1,310,972
I have had clients who had reverse mortgages. One used the proceeds to buyer his retirement home in another state during the short sale days. He paid cash derived from the mortgage. When he sold his house here, he moved to Arizona and still had enough money left over after paying off the mortgage to pay cash for a summer home at Lake Tahoe.
They are a good fit for some folks.
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Kris Collis, Associate...
East Stroudsburg, PA
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Debe Maxwell, CRS
Charlotte, NC
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Wanda Kubat-Nerdin - W...
St. George, UT
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Pete Xavier
Pacific Palisades, CA
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JoAnn Moore
Georgetown, DE
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Carol Williams
Wenatchee, WA
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Ron and Alexandra Seigel
Carpinteria, CA
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Ray Henson
Elk Grove, CA
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Kathleen Daniels, Prob...
San Jose, CA
2,435,649
I think they could be a great tool for the right home owners, but no, I haven't had a client use one (yet).
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Debe Maxwell, CRS
Charlotte, NC
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Wanda Kubat-Nerdin - W...
St. George, UT
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Roy Kelley
Gaithersburg, MD
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Pete Xavier
Pacific Palisades, CA
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JoAnn Moore
Georgetown, DE
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Carol Williams
Wenatchee, WA
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Ray Henson
Elk Grove, CA
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
3,125,255
They do work, especially for those who want to only pay taxes and utilities rather than a mortgage on a home, putting their money elsewhere. Also, when people do not have heirs or have zero intentions of leaving an estate to their children, it may be a good decision.
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Kris Collis, Associate...
East Stroudsburg, PA
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Debe Maxwell, CRS
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Ray Henson
Elk Grove, CA
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Pete Xavier
Pacific Palisades, CA
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JoAnn Moore
Georgetown, DE
1,844,171
I think they are a good option for some people. I know that 'the kids' are usually not approving as Mom & Dad are sucking off the nest egg that they intent on inheriting.
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Debe Maxwell, CRS
Charlotte, NC
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Wanda Kubat-Nerdin - W...
St. George, UT
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Roy Kelley
Gaithersburg, MD
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Ray Henson
Elk Grove, CA
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Pete Xavier
Pacific Palisades, CA
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Carol Williams
Wenatchee, WA
5,772,575
Raymond,
The only one, I have seen became a mess for one of my friends family. I would be very careful and seek the advice of a pro--not just the seller of this, but a CPA and an attorney to read the fine print. Our friend's mom is alive and well, she did it without consulting her kids...A
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Debe Maxwell, CRS
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Ray Henson
Elk Grove, CA
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Carol Williams
Wenatchee, WA
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Lyn Sims
Schaumburg, IL
3,344,906
They can be good for the right people.
Don't know if I would ever use one.
No clients, yet.
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Debe Maxwell, CRS
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Pete Xavier
Pacific Palisades, CA
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Carol Williams
Wenatchee, WA
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Ray Henson
Elk Grove, CA
921,504
Have you ever taken out an adjustable rate mortgage?
How about leased a ride?
Used part of your investment portfolio for short term profit opportunities?
Signed a 1 year contract with a provider who did not provide?
Reverse mortgages have their purpose and for some it is INCREDIBLE....until they must change their plans ....just like everything mentioned above.
My experience has been even when plans do change the cost is NOT unreasonable.
I have suggested a Reverse Mortgage for purchase but for some reason buying at 70% of value and never making a payment is too good to be true.
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Kris Collis, Associate...
East Stroudsburg, PA
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Debe Maxwell, CRS
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
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Ray Henson
Elk Grove, CA
643,875
An excellent option for many. Working with three clients considering that option.
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Debe Maxwell, CRS
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
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Roy Kelley
Gaithersburg, MD
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Ray Henson
Elk Grove, CA
763,783
It would be great for someone that doesn't have anyone to leave their home to.
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Karen Climer
Orlando, FL
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Debe Maxwell, CRS
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Ray Henson
Elk Grove, CA
5,583,278
they are not as easy to get as they originally were.... they qualify the applicants.... that's a desperate person who agrees to that type of mortgage... if you make no payments, the interest is added on to the principle..... the gov. made those more difficult to qualify for because they ended up with upside down homes...
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Kris Collis, Associate...
East Stroudsburg, PA
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
472,114
The home owners have to realize they will need to pay the home owners insurance and property taxes each month. A lot of people hear the part about no mortgage payment but don't realize this doesn't mean you don't need to pay these two necessities.
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Debe Maxwell, CRS
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Ray Henson
Elk Grove, CA
2,781,013
Kiss of death...Like making a deal with the devil for your soul. Start-up you get everything you bargained for. At the tail end is the price paid for it all!
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
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Pete Xavier
Pacific Palisades, CA
711,752
We had a class on reverse mortgages a few weeks ago. They appear to be a great option for some people. And yes, one of our agents used one for a purchase for herself during the recession. Worked great.
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Ray Henson
Elk Grove, CA
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JoAnn Moore
Georgetown, DE
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Carol Williams
Wenatchee, WA
231,948
If that's the only way so they can stay, I say do it. Since I only do mobile homes in parks, they do not have that option. It's not real estate, it's personal property. Problem is, if they thought space rent was low when they bought it, they raise it every year. When they can't afford to pay it, they have to sell their mobile home and find somewhere else to live. So sad...
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
7,834,939
Reverse mortgages can be a quality of life saver for those who are suffering because of a shortage of funds. Many seniors are unable to fill their prescriptions or meet basic needs.
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Ray Henson
Elk Grove, CA
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Pete Xavier
Pacific Palisades, CA
5,228,997
I have had some clients use them - and they are right for certain people but, it's not something that I really want to burden my children with down the road.
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Ray Henson
Elk Grove, CA