Reverse Mtg. Is this the best thing?

[edrivera]

A Reverse mortgage (H.E.C.U.M) is a tool of last resort. It permits you to never make a payment or to receive a payment for the rest of your life. The greatest thing is all you need to qualify is your age, be at least 62 years old. The government insures it. The bad thing is its expensive. For more info please reply to this thread.

Hi
A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement.Reverse mortgages are a legitimate option for senior homeowners. Each person's needs/situations are different.Reverse mortgages loan out money based on the value of your home, interest rate and age of the borrower. The amount of money can be divided up by monthly increments or in a lump sum. You can use this money for whatever you want.
A HUD Reverse Mortgage does not have to be repaid until the borrower dies, sells the home or doesn't reside in the home for a year. However, there are other instances that can cause default and require the borrower to pay back the loan.
Once the borrower no longer resides in the home the heirs can refinance or sell the home. If the proceeds from the sale doesn't cover the loan, HUD will pay the lender the remaining balance.