Posted by 101livescan on 6/18/11 9:07am
Msg #386775
Mid Month Run on RMs
I had five reverse mortgages in two days this week. I wondered what the heck is going on with RMs, but I'm realizing some people have enough equity in their homes they've owned since the 80s to be able to pull out enuf cash to live out their later years. Ultimately it's about the worse loan product I've ever seen because of the costly fees. Some folks have no other choice! Any one else seeing a rise in RMs lately? I'm hearing WF won't be writing these any more, BofA has already ceased, I had one MetLife and the rest were AAG's.
|
Reply by Sha/CA on 6/18/11 5:05pm
Msg #386830
I just had one yesterday, some lender I didn't recognize. I hadn't had a RM for months. This woman had a boatload of equity though and I'm certain she wasn't just interested in getting rid of her mortgage, although it probably would have cost her less, just to refinance and take out some equity. She's already talking about paying it back. Why bother? That's when it's really hard for me to zip it!
|
