Should You Use a Reverse Mortgage in Retirement?

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Dear Henk,
What would be a far better idea is to leave the house to your daughter or nephew or niece, like you promised in the first place.
Your son, Hans Meevis.

Hans Meevis of AZ 7:11AM May 30, 2012

I rarely participate in these comments, but I really have to share my story with 1 company which has tremendously helped me. I just turned 74, many obstacles have come in the way of my retirement including a divorce a few years ago which really hurt me financially, to be honest I had this feeling that my savings and SS income were not going to be enough. Months and months of research and dealing with big banks - nothing but a big headache and they wanted to charge an arm and leg - I was considering a standard home equity loan but then I started reading about reverse mortgages. Long story short, i found this company while searching online - reverse mortgage lenders direct - they were able to automatically compare lenders for me and quote me a fantastic quote. I am not saying you need to do a reverse mortgage (for me this has been excellent and recommendable) but if you do here is their number 877 700 0534 - you can find the site online search for reverse mortgage lenders direct.

jasonjohnson833 of CA 8:43AM May 29, 2012

Henk, if any of you have any doubt on how reverse mortgage works you should contact a lender! What you need to do is to locate a local mortgage professional to help with the process and get rid of your doubts. Basic and simple information on reverse mortgage is what you are looking for? Find yourself a honest lender with a nation-wide cover! I spoke to Mike through the phone, he is from reverse mortgage lenders direct and I recommend you call him - 877-700-0534 Super-friendly and very knowledgeable guy! Check their website http://www.reversemortgagelendersdirect.com

Markus Winchester of LA 1:28AM December 15, 2011

Dear Henk, look in the local area for a Bank that does Reverse Mortgages. B of A, Wells Fargo, Met Life Bank are the biggest and most repudable. Ask about the " Reverse Mortgage for Purchase. " You only have to put down appx. 50% of the apprasial value, and leave the rest of your cash in the bank for the desired income, with no mortgage paynents in the future. The " Purchase " works like the standard Reverse Mortgage, you pay only 50% of the price, and retain your savings for future income. Get some quotes from 3 banks....hope that helps. Good Luck.

joe c of NV 9:43AM November 14, 2010

I have been been surfing the net for a comparable position I find myself in, without any results. Is there someone to advice on the following:
I have sufficient cash to purchase a house in a nice position.
I want to use that cash and register the potential property into my name.
Then I want to arrange a reverse mortgage or loan with a bank, paying me a monthly amount, (a) for an agreed period, or (b) until I die.
I am 83 now and do not wish to change to another place, once I have found a new house and place to live.
Any constructive information, how to do, would be very welcome.
Many thanks,
Henk

Henk Meevis of AZ 3:00AM November 14, 2010