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Posted by HisHughness on 5/14/05 5:43pm
I am reminded of the fellow whom my firm represented in Atlanta, about 25 years ago. He owned the biggest shopping center in the Atlanta suburb where I practiced. When he turned 65, he transferred ownership of the shopping center to his daughter so he could qualify for Medicare. I don't think that was the kind of situation the program was designed to cover.
Reverse mortgages are just one arrow in the quiver of financial arrows. Sometimes they fit, sometimes they don't. If they don't fit, they are awfully expensive money. When they do fit, they are quite useful.
They are also, as one other member has pointed out, normally more trouble than the typical refi or HELOC. It is because of that that I recently increased my standard fee 20 percent on all reverses.