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FUSHIGI
Join Date: Feb 2006
Location: somewhere between here and there
Posts: 10,837
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Reverse mortgages
For a few self-induced reasons, my parents are considering a reverse mortgage. They are completely broke, have been living on a line of credit on their house, have living expenses that exceed their SS payments and are desperate.
Is there some sort of rule of thumb that companies use to determine what they will pay for a reverse mortgage? It seems that someone will try to take advantage of them and will succeed with about 99% certainty.
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