May 2nd, 2008 by debtsolu
| When asked the question, “What prompted you to obtain a reverse mortgage loan?” the responses were |
– Budget too tight - 19%
– Need more liquid assets on hand - 16%
– Home repairs and maintenance - 15%
– Provide care for dependents, pay medical bills - 8%
– Pay property taxes and homeowner’s insurance - 7.23%
– Falling behind on monthly payments - 6.25% |
| The survey was conducted in January by Consumer Credit Counseling Service of Greater Atlanta, Inc., a credit counseling agency that provides reverse mortgage counseling. The homeowners average 74 years old and have lived in their homes an average of 18.5 years. The average purchase price of their homes was $95,554 and the respondents said that the current value of their homes was approximately $221,997. |
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| As you can see the number one reason seniors get a reverse mortgage is to help out on monthly fixed expenses. Using the money for the wrong purposes like an annuity or life insurance is what has most people upset. With the counseling by HUD approved counselors mandatory, far less abuse of this mortgage product is happening. It is not for everyone though. If you plan to move, want to leave the entire house for children, or will frivolously waste the money, don’t get a reverse mortgage. If you need more information feel free to call me at 414-531-4035 or just e mail me at the contact Dave page. |
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May 2nd, 2008 at 4:16 am
[...] admin wrote an interesting post today onHere’s a quick excerptWhen asked the question, “What prompted you to obtain a reverse mortgage loan?” the responses were. – Budget too tight - 19% – Need more liquid assets on hand - 16% – Home repairs and maintenance - 15% – Provide care for dependents, … [...]