Reverse Mortgage

clay001

Hi, does anyone know of these reverse mortgages? yes we are in deep do doos. wife found an advert in sunday paper for one and it looks like a way out without being reposesed. Are they legit or should we not touch with a barge pole????

Thanks in advance

Clay

Gorgeous_George

I've never heard of them but a quick google and I know a little more.

Sounds like they are an equity release scheme and may not be suitable/available to you. Hopefully, someone will be along soon to offer better advice.

If it goes to repossession, it may not be all bad. Make sure you leave the property clean and tidy and hopefully it will sell quickly. This will reduce any residual debt or increase any equity. There will be worse times to get repossessed IF the much anticiapted c**** materialises.

Best wishes.

GG

poppy10_2

^^^Spam^^^ :spam:

ForwardByReverse

Hello Poppy.

I'm assuming you're referring to my post, though I hope I'm wrong. The man requested information on reverse mortgage, and I happen to work in that field and am qualified to answer his questions. I offered a link to a free blog site with much more information which might help him. I have not solicited him or anyone else. Just trying to offer qualified information with no expectations of receiving anything in return.

Have a great day.

~Corey

maninthestreet

Why the restriction on the age of applicants?

mountainchrisriver

ForwardByReverse wrote: »

Hello Poppy.

I'm assuming you're referring to my post, though I hope I'm wrong. The man requested information on reverse mortgage, and I happen to work in that field and am qualified to answer his questions. I offered a link to a free blog site with much more information which might help him. I have not solicited him or anyone else. Just trying to offer qualified information with no expectations of receiving anything in return.

Have a great day.

~Corey

The problem is... advertising your own blog site is against site rules i'm afraid... see the rule below:

"ADVERTISING

This site is free from advertising. Posts on any board considered to be advertising goods, services and/or companies will be removed. We also do not allow advertising via PM

Examples of this can include anything from a specific sales post or a link to your own website in which you attempt to sell something to someone offering their holiday home to forum members. Unfortunately we cannot allow any advertising of any description no matter how honourable the intention.

This includes the Referrals Board (see below).

If you think you have a genuinely good deal please contact a Board Guide for the board you’d like to post it on. If they agree with you they’ll contact the MSE Team and it will be considered. Any final decision will be that of the MSE Team. Please do not question the response with the Board Guide."

The other issue the OP needs to consider is that ForwardByReverse is obviously an American business so may well not give useful advice for the UK market situation...

HTH

globalds

This blog only seems to mention US Properties ..
This doesn't seem very helpfull ?

ForwardByReverse

Good question, MITS.

The simple answer is that this is designed for senior citizens. Because there are no monthly payments, reverse mortgages are based on life expectancy. Obviously, on average, a lender doing a reverse mortgage is going to get paid back much later for a 42 year old than they would a 62 year old. Additionally, the average 42 year old still has a good 20 years of employment ahead of them. Many seniors are retired or otherwise unemployed...or even unemployable, and they run the risk of losing their homes.

Reverse mortgages are designed to help supplement the incomes of seniors when the cost of living has overwhelmed them, they're having trouble keeping up with their mortgage payments, etc. It's also commonly used for people who have rising healthcare costs, to enable them to help their children and/or grandchildren, and so on.

Because there are no payments, it is a rising debt loan. This may, but not always, create negative amortization. This is less of a concern for someone in their later years than someone in their 30s or 40s.

Reverse mortgages are ever evolving, so look for the minimum age to decrease in the future, but probably not so much that they will be for people in their 30s and 40s.

ForwardByReverse

mountainchrisriver wrote: »

The problem is... advertising your own blog site is against site rules i'm afraid... see the rule below:

"ADVERTISING

This site is free from advertising. Posts on any board considered to be advertising goods, services and/or companies will be removed. We also do not allow advertising via PM

Examples of this can include anything from a specific sales post or a link to your own website in which you attempt to sell something to someone offering their holiday home to forum members. Unfortunately we cannot allow any advertising of any description no matter how honourable the intention.

This includes the Referrals Board (see below).

If you think you have a genuinely good deal please contact a Board Guide for the board you’d like to post it on. If they agree with you they’ll contact the MSE Team and it will be considered. Any final decision will be that of the MSE Team. Please do not question the response with the Board Guide."

The other issue the OP needs to consider is that ForwardByReverse is obviously an American business so may well not give useful advice for the UK market situation...

HTH

As I mentioned earlier, the blog site is nothing more than free information. It offers nothing for sale, as is quoted in the rules. Simply information.

Regarding it being for US properties, this is true. I didn't realize before I signed up for this that it was a UK site. I simply received a Google alert about a question about reverse mortgage, and I wanted to respond since the other responses offered nothing of substance. Reverse mortgages are essentially the same throughout the world, so I think that you'll find the rules and benefits to be relatively universal.

Lastly, because my blog is specifically for US properties, I'm highly unlikely to "sell" anything to anyone in the UK, further eliminating the "spam" element that others perceive.

Have a great day.

mountainchrisriver

ForwardByReverse...

Seemed you missed this bit of the rule I posted...

"Unfortunately we cannot allow any advertising of any description no matter how honourable the intention."

There is no advertising allowed on MSE, even personal non-money making blogs... as you seem to wish to argue the fact I have reported your post to abuse... :rolleyes:

Thanks...

ForwardByReverse

Whatever makes you happy