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Is a reverse mortgage safe?

I read some of the articles on this site and on a different site and it sounds like reverse mortgages don't require seniors to sell their homes, but I feel like it can't be as simple as it seems. I've heard that there are reverse mortgage scams. Can anyone give me more details about this? I'm researching this for my mother. Thanks. by scottperris887 from Miami, Florida. Jan 28th 2011 Reply


Akali Dennie (adennie)
#55 ranked lender in Florida - 196 contributions

Hello. We are Direct Lenders of Reverse Mortgages and located in Miami. We actually specialize in Reverse Mortgage and would love to answer any and all questions you may have. Please give me a call at 954-496-5351. Thank you.

Feb 9th 2011
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Rich Constantine (rconstantine)
#397 ranked lender in California - 79 contributions

You must speak with a professional so that you can have your questions answered. You must still qualify for the Mortgage but in a different way. Usually FICO doesn't matter. It does not affect Health Benefits. You must be over 62 and have equity in the home. You can take a lump sum or you can get a line of credit. I lend in all States. I hope this helps. You can email me at rconstantine@myhsoa.com for more info. Take care. RC

Feb 16th 2011
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Gary Crist (coloradoreversemortgagelender)
#26 ranked lender in Colorado - 38 contributions

Hi Scott, Reverse Mortgages are different today than they were before FHA took over them. In the old days people would say "The bank gets my house". That is not true today, because in the old days some lenders actually put their name on the title to share in the growth of the equity of the home. Today that is illegal to do. What Reverse Mortgages are for is a way for seniors to stay in their homes until they die and when they are done the heirs sell the home and get the rest of the equity in the home. For more information go to my website: http://loanofficers.50stateslender.com/gary/reversemortgages.html

Feb 9th 2011
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