Posted by Anonymous on 10/31/05 6:23am
Msg #73176

What is a reverse mortgage?

Reply by cynthia carter on 10/31/05 8:05am
Msg #73181

Reverse mortgages are usually sold to the elderly. A reverse annuity mortgage allows an elderly homeowner to stay in the home and receive payments from the equity they have in their home. Their equity payments can be taken out over a certain number of years or for life. This means that they actually own less and less of their own home over the life of the mortgage and the "reverse" lender owns more and more of their home.

Reply by Tess/ME on 10/31/05 8:15am
Msg #73184

Do a "google" search and you can learn all about them. The last one I did a closing on "Mr. Borrower" said "We are spending our children's inheritence and if we didn't, they would just "piss" it away".

Reply by SarahBeth_CA on 10/31/05 10:45am
Msg #73204

Use the orange "search" button and you'll find some real good info on them right here on NotRot. But you know I think this is one of the famous "anonymous" posts just for the sake of causing an issue. It's not a basic notary 101 question that could get the "do your homework" answers. So getting balled out wouldn't happen. Why anyone would choose to post it anonymously I do not know.