No comments except that Reverse Mortgages are meant for people whose main, or only asset of value is their house. They basicaly get a guaranteed payment for X months with the ability to continue to live in their house until they either choose to sell, or die. In a lot of cases they can even still live there if the money has all been paid out.
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Originally Posted by legion
No mention of screwing your heirs out of their inheritance.
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As for that comment, as far as I am concerned the only people who DESERVE any money from a persons lifetime effort, is that person. If they choose to leave something to their heirs, great, if they don't that is fine as well. If by it you mean the heairs are being screwed by the company doing the reverse mortgage, well I guess there are always shady companies in any industry, but mostly it's just as legitimate a business as any type of loan. You need to be aware of what you are getting into.