Originally Posted by
grannie cheechee
On one of the investment shows they told that a reverse mortgage is not a loan for short term. In other words if you need money for kitchens it should not be a RM. A RM has a lot of up front costs ( thousands) to even get started, and it keeps increasing as time goes by. Go to a bank or credit union and talk to them about a home improvement loan, or line of credit. They would be better than a RM. This is just my opinion.
They've lowered the up front costs and they are regulated by FHA and HUD.