Among Friends

[Hoovermom]

Nothing is free.

[kaydee50]

I don't see many advertisements for them anymore, e.g., Tom Selleck.  I think they may be an option for some people but a lot of homework needs to be done before I would sign anything.

[sugarbee]

Several years ago I was asked to be a sales person for a reverse mortage company.

I brought the books home and could not even complete the reading.  It is a scam and only benefits the company, not individual clients.

I returned the books and said I could only sell something I truly believe in.

[katie1859]

Your home has to be paid for, free and clear title.

You only get a percentage of the assessed equity you have

then when you sell the home and or die, whichever comes first,

That equity, that money with all fees is deducted from the sale.

Those borrowed percentages can diminish the sale price greatly.

Also, if the home is staying in the family again to transfer the property in title

The price is diminished in dollars by the back mortgage equity taken.

[Lucky Charm]

I would think, if someone were even considering a reverse mortgage, they're in need of money. 

They don't have enough (savings/investments) to be able to survive financially.

They aren't getting financial support from their *heirs*.

So, maybe it's an option that they can use?

[CalminHeart]

IMO, Get an equity loan if you need money. I'd never do a reverse mortgage.

I was a registered principal for a securities/variable annuity dealer for decades. We would not accept proceeds from a reverse mortgage from customers.

[Shelbelle]

Do NOT recommend, friend of mine had one and it took way over a year once she moved out of the house to be done with it, tons and tons of red tape, made her a nervous wreck. Had to get a lawyer involved on her behalf.