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How to get a good Reverse Mortgage?

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A VFW

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Aug 11, 2008, 9:55:27 AM8/11/08
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why do they charge so much to set up what is basically a lien on your
property?
--
If guns are out-lawed. Only the Out-laws & politicians will have guns.

clams_casino

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Aug 11, 2008, 10:48:02 AM8/11/08
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A VFW wrote:

>why do they charge so much to set up what is basically a lien on your
>property?
>
>

risk that some might live longer than expected / risk that values may
actually ........ drop

Ron Peterson

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Aug 11, 2008, 12:11:38 PM8/11/08
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On Aug 11, 8:55 am, A VFW <georgewks...@humboldt1.com> wrote:
> why do they charge so much to set up what is basically a lien on your
> property?

Clams has it right. It's an expensive proposition for the mortgage
issuer and may not work that well for you.

If you have to move from your house for medical or other reasons, you
may lose your house.

It would be better to refinance your house and buy an pre-paid annuity
assuming you are over 70 and in good health.

If you develop disabilities, you may want to move to a new house or
condo that will have fewer impediments.

--
Ron


Coffee's For Closers

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Aug 11, 2008, 10:05:17 PM8/11/08
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In article <georgewkspam-C46E...@sn-ip.vsrv-
sjc.supernews.net>, george...@humboldt1.com says...

> why do they charge so much to set up what is basically a lien on your
> property?


They are taking a risk that you will live a very, very long time.
Meaning that, they would start forking over the money now, and
have to wait and wait and wait before the investment pays off, in
the form of them getting possession of the house.

Sure, you might be squashed by a bus tomorrow. Or you might live
much longer than average.

--
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clams_casino

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Aug 12, 2008, 6:24:32 AM8/12/08
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Coffee's For Closers wrote:

>In article <georgewkspam-C46E...@sn-ip.vsrv-
>sjc.supernews.net>, george...@humboldt1.com says...
>
>
>>why do they charge so much to set up what is basically a lien on your
>>property?
>>
>>
>
>
>They are taking a risk that you will live a very, very long time.
>Meaning that, they would start forking over the money now, and
>have to wait and wait and wait before the investment pays off, in
>the form of them getting possession of the house.
>
>Sure, you might be squashed by a bus tomorrow. Or you might live
>much longer than average.
>
>
>
>

There is also a high risk that you might not keep up maintenance on your
home, resulting in reduced value.

Message has been deleted

A VFW

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Aug 13, 2008, 12:23:36 AM8/13/08
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In article <xiYnk.11840$Bt6....@newsfe04.iad>,
clams_casino <PeterG...@DrunkinClam.com> wrote:

Well, I proposed to an possible investor, a closed term of 12 yrs.
and a very modest loan of $120 K plus interest . 1/3 acre in California.
I'm 65 with Diabetes. May live to 83, like my father but the loan gets
repaid in 12 yrs. or sooner. good deal for someone. and I only need
one.

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