Reverse MORTGAGE

[NYinsurance417]

Iam a Health insurance agent looking to buy a reverse mortgage for my grandma. Any suggestions? I have no experience with this.

John

 

[Focus LTC]

What state are you in?

 

[annuityseller]

call the local wells fargo person that does this full time. I've worked with the local gal and she has been great resource for me.

 

[Crabcake Johnny]

You might as well start here: HECM Counseling Agencies

 

[NYinsurance417]

NJ..............

 

[DHK]

Does your grandma have life insurance to pay off the reverse mortgage? Something to think about.

 

[G.Gordon]

Look closely at the fees. They can be downright usurious.

 

[Crabcake Johnny]

I'll have to double check but I believe the fees are regulated.
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Family Value: Getting More Value From Your Home - WSJ.com

5% in fees however 40% savings. I don't know squat about reverse mortgages but I know that my in-laws used to live stressed out 24/7 and now they're relaxed.

I'm sure it's a "bad deal" financially but that's neither here nor there for seniors where it's their only option.

 

[G.Gordon]

I don't know much either, but have read accounts of $5-8k of home value being sucked up right off the bat due to fees/expenses, etc. Regulation still does not stop the sellers from trying to make other sales "tied" to this transaction.

Lost a h/W medsupp to medicare advantage. Calld to ask why. "We did one of those reverse mortgages to ease our finances.. we had to take this insurance to do that deal." No matter what I said they were sold on the deal and would listen to reason.

 

[STIBROKER]

Scam artists take advantage of reverse mortgages victims | Rip-off Report: 654762