When I was first introduced to this program my response was ... really, get outta town.
A true second mortgage, leaving the first in place, up to 4 million (minus the first balance).
So i can do home improvements, debt consolidation, buy a condo at the beach cash, a place for my kids to live will they're in school and
There are no monthly payments required...get outta town!
but it's true
leave your current first mortgage, low fixed rate in place
no FHA approval for condos over $500,000
no mortgage insurance
no prepayment penalties
Hey jay, your telling us the truth now, right?
yes i am
as always when you're (my senior friends) speaking with a reverse mortgage specialist make sure that they are well trained, knowledgable, and will consider your best interests first
ps; to my realtor friends did i mentioned that my seniors, who qualify, can purchase an investment property cash with no payments...