Among Friends

[Group 5 minus 1]

Anyone had any any experience w/these?

[skatting44]

  There's an old post abt this topic from a few months ago

[wagirl]

Kind of---but not really--find someone who specializes in this process--my mom got   this years ago when it was just a new thing--I wasn't involved in it, but when she died, the bank came after me and my 2 brothers for some reason-- about the $$ part of it. We got a lawyer and it was straightened out with nothing coming out of our pockets. Just do alot of research. 

[Melzie]

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@Group 5 minus 1 wrote:

Anyone had any any experience w/these?

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As someone here stated, this has already been discussed.  

Short story is that this is an expensive proposition.  You can only take 70% of your available equity, it costs A LOT to set it up and, in some cases, there are monthly fees.  I've looked into it thinking it might be a good option for me but, personally, I don't think it's all it's cracked up to be, at least not for me.     

[Group 5 minus 1]

Thak you all for your replies. Does not sound good at all.

[Group 5 minus 1]

Found the other post. Oh my! A lot we are not told in the advert.

[Still Raining]

Please do your research.  Pretty pricey and restrictive.  Your heirs will not thank you.

[Ainhisg]

My financial advisor told me once to never put in jeopardy something that you almost own or do own outright.

[Sage04]

My nephew who is a Mortgage Broker/lender, told me a few years ago that it's a big ripoff.

[CelticCrafter]

Isn't it a loan and your house is the collateral and when you die that loan needs to be paid back?