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My mother (82) and my stepfather(88) and I (62) are all on the title and the loan, so my question is " can all three of us be on the Reverse Mortgage?"

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I haven't really researched reverse mortgages but I agree with everyone. When my Mom even mentioned it, my brother went balistic. When all is said and done, they may own ur house. Plus, its only based on your equity.
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Jessie, it's shameful how deceptive advertisers can be when they've got senior money in their scope and the target is seniors. Louise, I remember those Bud commercials - as if drinking a certain beer magically creates satisfaction in people's lives. But I guess that's what advertising is all about - creating perceptions to sell products.
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Oh, oh. Louise and Garden Artist, what you wrote made me think about the reverse mortgage commercial that has the perfect daughter talking, totally approving a reverse mortgage for her Mom. She said that her mom deserved the reverse mortgage. What they won't do to sell these things.
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Most of the reverse mortgages I've heard about are taken out by people who want to stay in their homes, but can't afford to. My thoughts on this are if you really need a reverse mortgage, then you probably can't afford one.
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Garden Artist, I love your take on the action packed carefree lifestyles that are being marketed to seniors - I totally agree that it is very inappropriate. Now that I think about it - reminds me a bit of the Bud Lite commercials years ago with Spuds - beer being marketed to kids. I myself am living in what I called 30 years ago a starter house, and it will be my retirement house one day soon as well - I have worked long and hard to pay it off - unfortunately I had to do a refinance at one time to help pay some medical expenses for partner --so paying longer that I should - I will be damned if I will contribute more hard earned money to big business - so I can sip champagne on the deck of an overcrowded cruise ship. I will happily relax in my back yard with my basset hounds and a beer - and enjoy my - paid for house, patio and garden. When you do the math - and please this is just some quick estimates - as an example - if you bought your home for 200,000.
and paid about a 6% interest rate on it - you did or will end up paying an additional
300,000. in interest on a 30 year loan - now you are going to do a reverse mortgage and while your home is now worth more - if you were to do 150,000 - between closing costs and high interest rates that will cost you about 25,000 first year and as each year passes more and more money will be added to the ledger to pay them back after you are gone - so you have now paid about 600,000 - for a house worth about half of that - and they get it back INSANE.
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Why are you considering a reverse mortgage? A little more background would be useful. Would it be better to consider downsizing and selling the property? Your family would still be responsible for all the maintenance and taxes on the property while they live there. Do you also live there? Your age may give most lenders pause.

One thing to consider is the high cost of a reverse mortgage. People are surprised to see how little of the money actually ends up in their pockets. Interest rates and mortgage insurance are high. There are closing costs and loan initiation fees.

Is there any heir who wants the house? This is a big consideration. Paying back the loan at the end would probably be more than most would want to pay. Enter into reverse mortgages very cautiously. Personally, I wouldn't consider one for any reason. If I couldn't afford to continue living in a house, I would sell.
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Louise, I think they're also a reflection of media promoted glamorous lifestyles, including those on RLTV which show seniors with massive RVs driving around the country, skydiving, going on expensive vacations. That's not to say that that kind of lifestyle is marketed specifically to seniors or that it's wrong, if one has the money.

But the marketing pitch of reverse mortgages isn't always for necessities; it's often for glamorous lifestyles. Give me just my good old garden - I don't need to climb mountains to be satisfied.

I just think that too many activities which are targeted toward seniors are high cost and involve more than is necessary to relax. One doesn't need to spend exorbitantly to find relaxation and excitement.

There are community gardens, local parades, and music concerts in the summer and other activities which are either free or cheaper and could be just as enjoyable. That's what we go for - we've heard some really great string bands over the last several years, all for free. Just being out in the fresh air, listening to the dynamic music, and watching the little children create their own dance movements is wonderful entertainment. Last year there were 3 people in wheelchairs - their families brought them. I keep thinking what a wonderful way for them to get fresh air and relax!

If priorities changed, perhaps people wouldn't feel so much pressure to have money for nonmedical activities in their older years. Reverse mortgages exploit older people and create situations in which it's virtually impossible for the house to end up in any way except acquired by the reverse mortgage lender.
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Reverse mortgages are the last ditch chance of the mortgage companies and banks to make even a higher interest rate from seniors who have already paid crazy high interest for years, Think legalized con and back away - high interest rates, insane closing costs - should only be considered if no other alternative.
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Redfly, you obviously have an internet connection. Before embarking down that reverse mortgage road, please do as much reading and research as you possibly can.
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Ferris, you are right about that. I have no personal experience, but the more I hear about those reverse mortgages, the more I shy away from even recommending them to anyone I know. At first they sounded like the greatest thing since sliced bread.
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Anyone who even attempts a reverse mortgage is naïve.
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Anyone who is named on a deed to the property would HAVE to sign for any new mortgage. You would all be joint owners, unless there are some specific conditions of your interest, and assuming that title isn't vested in a trust and that you're co-settlors or co-trustees.
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