Jack Lewitz (IL Real Estate Specialists)

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Rainmaker
3,975,046
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am not a fan.  My parents did one, without me knowing, and they got about 80% of value and the costs were astronomical

Jun 01, 2015 07:26 AM
Rainer
367,602
Raoul Loustaunau
REALTY ONE GROUP - Phoenix, AZ
urhomefinder.com myvaluetoday.com

i think they are good for the client to supplement their ss , i do not think they should take the lump sum they should get monthly payments ,just my opinion

good question Jack have a great day

Jun 01, 2015 06:09 AM
Rainmaker
4,796,309
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I'm not a big fan.

Jan 21, 2019 06:54 AM
Rainmaker
3,048,838
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

n/a

Feb 25, 2018 06:26 AM
Rainer
51,058
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

Hi Jack:

Reverse mortgages are not for everyone, but in many situations it may be a great alternative to a "forward" mortgage. As a member of the National Counsel On Aging...the motto to "Use your home to stay at home" can not be more appreciate concerning the Reverse. Also, you can also PURCHASE you primary residence using a reverse.

Jun 02, 2015 03:25 AM
Ambassador
879,437
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

The RM is a great program for a small % of people.  The problem is, it's marketed much like pay-option ARMs were, as a solution for everyone - mortgage lenders DEFINITELY use the program the wrong way.

Jun 02, 2015 01:25 AM
Rainmaker
976,217
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

My opinion matters little but I look upon reverse mortgages the same way I do about derivatives, negatively! Sadly, there is a market for them both though.  

Jun 01, 2015 09:22 PM
Rainmaker
797,049
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Jack - Just like with any other mortgage, they can be beneficial if done the right way. They can also be detrimental as well. It all depends.

Jun 01, 2015 09:53 AM
Rainmaker
302,129
Cindy Davis
SD Home Source Realty - San Diego, CA

A commercial doesn't tell me if someone is being taken advantage of. I'm sure there are time when a reverse mortgage is a reasonable solution...and other times, when it's abused....just like every mortgage product!

Jun 01, 2015 09:46 AM
Rainmaker
724,364
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

They have become a specialty, and in some cases, a gimmick. Owner must have enough equity to qualify. I find that most sellers aren't really interested in them. But I have heard of a few cases where they worked well for sellers. Each case is different.

Jun 01, 2015 09:44 AM
Rainmaker
5,214,607
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Properly used, a reverse mortgage can improve the quality of life for seniors.

Sadly, most real estate professionals have little knowledge of this product and are unable to identify the situations where a reverse mortgage should be considered. 

Jun 01, 2015 08:55 AM
Rainmaker
698,797
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

I do believe my kids should get an inheritance and not a mortgage.

Jun 01, 2015 07:19 AM
Rainmaker
633,704
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

I agree with Raoul Loustaunau about the lump sum. For owners who need it they are a valuable source of funds that allow them to avoid selling.

Jun 01, 2015 06:13 AM