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CHIP Reverse Mortgage

CHIP Reverse Mortgage

barngramma
Joined: Nov 2014
Posts: 21

barngramma
Joined: Nov 2014
Posts: 21

CHIP Reverse Mortgage
7/5/2016 at 2:43 PM

Does anyone know anything about or used reverse mortgage . If so what are the pros and cons of it.
Eyebiter
Joined: May 2009
Posts: 102

Eyebiter
Joined: May 2009
Posts: 102

CON...ITS A BIG ONE
7/5/2016 at 3:49 PM

Had a brother in law did it, by the time he passed they got the house...be got $50,000.00... he did get to enjoy the money but the interest just kept adding up. So they got first dibs on the value of the house. Don`t do it take out a mortgage, and get life insurance to cover the amount!!
Grace1956
Joined: Nov 2012
Posts: 661

Grace1956
Joined: Nov 2012
Posts: 661

:-
7/5/2016 at 6:20 PM

Just read the fine print! It's not as wonderful as they are claiming. The interest is very high and tricky I have never done this but heard a few spooky stories. Can you go another route???

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