If I get a reverse mortgage will I deplete most of the equity out my home? I want to move and be a renter?
Wednesday, May 20th, 2009
Christopher asked:
Would I have the best gains with my current 30 fixed at 8 % or put myself in a better position by getting a reverse mortgage for now, knowing that I am going to sell in four years? I am 72 and my payment is 488.00 excluding taxes and insurance. The cost of the reverse mortgage is 7 grand, and the interest rate can go as high as 14.8%.
Sue
Would I have the best gains with my current 30 fixed at 8 % or put myself in a better position by getting a reverse mortgage for now, knowing that I am going to sell in four years? I am 72 and my payment is 488.00 excluding taxes and insurance. The cost of the reverse mortgage is 7 grand, and the interest rate can go as high as 14.8%.
Sue