Reverse Home Mortgage
Found this while searching around Yahoo!
A dear friend of mine, 77, has a beautiful Lake Shore Drive apartment here in Chicago with exquisite woodwork throughout that would cost a small fortune if replicated today -- and would increase immeasurably the value of the apartment if sold on the market. My friend recently got a reverse mortgage. But a reverse mortgage, like eminent domain, does not take into account art, spirit, memories, or even of what a piece of property is really worth on the "free market." My friend was offered, legally, a reverse mortgage based on $275,000 of his $400,000 apartment. That's the way it is.
posted by Reverse Mortgage Help @ 11:07 AM
1 comments
1 Comments:
I wanted to add, that I understand where this individual is coming from. But regular mortgage would not factor in art, spirit, memories, etc.. I also wanted to add the HUD sets a limit on that consumers can receive via a reverse mortgage, this is for their protection.
Any questions, let me know.
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