Comments on: Choice is reverse vs. regular mortgage http://reversemortgageloanblog.com/2008/06/24/choice-is-reverse-vs-regular-mortgage/ News and discussion about Reverse Mortgages Mon, 30 Aug 2010 13:22:38 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: John Tavenner http://reversemortgageloanblog.com/2008/06/24/choice-is-reverse-vs-regular-mortgage/comment-page-1/#comment-1806 John Tavenner Mon, 14 Jul 2008 00:03:19 +0000 http://reversemortgageloanblog.com/2008/06/24/choice-is-reverse-vs-regular-mortgage/#comment-1806 I now own my home in California, having paid the principle as part of reverse mortgage loan package. In fact, the beauty of a reverse mortgage is that not only do I never have to worry about missing a payment, the bank is actually paying me a monthly check, on top of a very nice sized line of credit that I can use for any reason or emergency that may arise in the future. I went with a very good company <a href="http://www.seniorlendersreversemortgage.com" title="California Reverse Mortgages" rel="nofollow">Living in Reverse</a>. They were very upfront and professional throughout the whole deal. They explained the costs and assisted me to decide on how to make the best use of my equity, without ever trying to sell me on any other investments. I would home that you too look into them to discover this option. It has really freed me to live a very nice and worry free lifestyle. cheers! I now own my home in California, having paid the principle as part of reverse mortgage loan package. In fact, the beauty of a reverse mortgage is that not only do I never have to worry about missing a payment, the bank is actually paying me a monthly check, on top of a very nice sized line of credit that I can use for any reason or emergency that may arise in the future. I went with a very good company Living in Reverse. They were very upfront and professional throughout the whole deal. They explained the costs and assisted me to decide on how to make the best use of my equity, without ever trying to sell me on any other investments. I would home that you too look into them to discover this option. It has really freed me to live a very nice and worry free lifestyle. cheers!

]]> By: James Hussher http://reversemortgageloanblog.com/2008/06/24/choice-is-reverse-vs-regular-mortgage/comment-page-1/#comment-1796 James Hussher Tue, 08 Jul 2008 00:12:55 +0000 http://reversemortgageloanblog.com/2008/06/24/choice-is-reverse-vs-regular-mortgage/#comment-1796 Reverse mortgages do not have to be paid back until the homeowner dies or sells the home. That being said, there comes the question of leaving a debt-burdened home to your heirs. If you have equity in your home and borrow against it, whether you do a reverse or regular mortgage, it will have to be paid back at some point. An option I suggest to my wealthier clients is to use some of their reverse mortgage lump-sum proceeds to purchase life insurance to pay off the mortgage upon their death. Reverse mortgages do not have to be paid back until the homeowner dies or sells the home. That being said, there comes the question of leaving a debt-burdened home to your heirs. If you have equity in your home and borrow against it, whether you do a reverse or regular mortgage, it will have to be paid back at some point.

An option I suggest to my wealthier clients is to use some of their reverse mortgage lump-sum proceeds to purchase life insurance to pay off the mortgage upon their death.

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