View Single Post
Old 11-19-2013, 12:43 PM
  #29  
cwcquilters
Junior Member
 
Join Date: Nov 2011
Location: Newark, Ohio
Posts: 139
Default

Originally Posted by BellaBoo
I think reverse mortgage you own your home but can't sell it unless you pay back the payments plus a lot more. It's big financial decision. The house goes to the lender if you have to move due to health or older age. I would get a lawyer that specializes in that before taking the word of a lender. I would borrow on a low interest credit card before taking out an equity loan.
There are some unsavory Reverse Mortgages out there. Be wary of the fees and "hidden" charges. Some are outrageous. Home Equity seems a better way to go from what I have seen.
cwcquilters is offline