Is a Reverse Mortgage Right for Me in Sherburne County Minnesota?

By
Real Estate Broker/Owner with Don Sabinske, Sabinske & Associates Inc. 539MN

Is a Reverse Mortgage Right for Me in Sherburne County Minnesota?

 

There are several types of reverse mortgages, and not all are created equal.  I have a link: Minnesota Attorney General Seniors Reverse Mortgage information to a pamphlet put out by the Attorney General of Minnesota. 

 

You, as a senior, should be very, very careful when considering this type of financial vehicle.

 

I am not a financial advisor, but I have had contact with many seniors who have had a rude awakening when either attempting to sell their home, get Medicare for nursing homes or other facilities or want to deed a property to their children or others.

 

Read the information in the link carefully, and if you need more information, or would like me to print and email you a copy of the information, please don’t hesitate to call me at 763-350-7960.

 

I really don’t want to see another senior who has been ripped off or misinformed about the reverse mortgage product. 

 

 

Brought to you by Don Sabinske, Your realtor in Sherburne County, Sabinske & Associates Inc.  763-350-7960

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Moving in Excellence!

Don Sabinske, Broker, GRI

www.donsabinske.com

Sabinske & Associates Inc.

763-350-7960

Specializing in Sherburne, Wright, Anoka and Hennepin Counties...We can help you move!

 

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Ambassador
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Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

I would hope that before anyone 62 and older considers this, they would check with a financial advisor, Don.  So much heartache could be avoided. 

May 31, 2014 04:50 AM #1
Ambassador
2,081,419
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

I do indeed agree with Suzanne about checking with a financial advisor! So important!

May 31, 2014 05:33 AM #2
Ambassador
2,192,328
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I have to agree with everyone so far about consulting a financial advisor. I hate to see our seniors end up in a bad situation. 

May 31, 2014 05:45 AM #3
Rainmaker
637,936
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Having access to a reputable financial advisor is crucial as a senior contemplating any financial transaction.  I have seen too many people fall for those commercials on TV.

May 31, 2014 06:27 AM #4
Rainmaker
3,984,969
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

My Mom and dad did this without telling me about it wanting to take care of medical expenses.

It was the worst thing they could have done.  High interest rate and only about 80% of the equity.

May 31, 2014 06:53 AM #5
Rainmaker
925,849
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

I know Bill is right.  I have talked to several seniors, and the interest rate will eat them up.  No one end up with anything except the entitiy who gave the senior the "loan".  

May 31, 2014 07:47 AM #6
Rainmaker
3,513,945
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Don - the proper education/knowledge and asking the right people is very important when it comes to reverse mortgages.  As your comments concur, there are some stories told that need to be shared.

May 31, 2014 03:27 PM #7
Rainmaker
3,273,993
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Crucial advise. This type of mortgage is not for everyone and careful attention should be taken by seniors before applying for one...Get ALL the facts first!

May 31, 2014 08:29 PM #8
Rainmaker
637,936
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

I have seen heartbreak many a time caused by this financial scheme.  It can be used correctly, but only occasionally does it make sense.

Jun 01, 2014 02:50 AM #9
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Don Sabinske

Sabinske & Associates Inc.
Relocating to Sherburne County? Call me!
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