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adjustable: The Mechanics of Reverse Mortgage - 01/17/08 05:57 PM
If you've read my blog or spent any time with me, you probably know by now that I love using analogies and metaphors. In that light, I write this post.
You will hear financial "experts" insist how complicated reverse mortgages are. Well, my car is a pretty complicated piece of machinery, but all I need to know is how to fill the gas tank, take it regularly to get the oil changed, tires rotated and other fluids checked and filled, and just drive responsibly. Every single time I've gotten in it, I turn the key, and VROOM, it starts. I couldn't … (2 comments)
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adjustable: Refinancing a Reverse Mortgage: Success Upon Success - 01/08/08 04:03 PM
Last night I had the privilege of speaking with a very nice couple, to whom I will refer as Mr. and Mrs. G. They obtained a reverse mortgage loan back in July of 2001. At the time, their home was appraised at $415,000, and the federal lending limit in their county was $239,250. The full amount of their benefit was just under $150,000.
Fast forward to today. They are now 80 and 79 years old, respectively. Their home is currently valued, conservatively, at over $650,000. The federal lending limit in their county is nearly $130,000 higher than it was when they … (3 comments)
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Corey Matelli
San Jose,
CA
More about me…
Reverse Mortgage Company
Office Phone: (408) 689-1235
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