The Colour Posted July 5, 2006 Share Posted July 5, 2006 This has got to be rolled out here at some point: http://www.aarp.org/money/revmort/revmort_...21-newloan.html No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older. Not sure how common it is in the US, but it seems to be like MEW except you don't pay anything until you die and then if you have spent it all the lender gets your house. Seems like a good deal for some peoeple. Quote Link to comment Share on other sites More sharing options...
Patience is a virtue isn't it! Posted July 5, 2006 Share Posted July 5, 2006 This has got to be rolled out here at some point: http://www.aarp.org/money/revmort/revmort_...21-newloan.html Not sure how common it is in the US, but it seems to be like MEW except you don't pay anything until you die and then if you have spent it all the lender gets your house. Seems like a good deal for some peoeple. It is a great deal..... for the Company offering it. I might do the same here. I'll find some granny, give her £30k to see out her days and get her to sign me over her house once she's died. Quote Link to comment Share on other sites More sharing options...
warwickbloke Posted July 5, 2006 Share Posted July 5, 2006 It is a great deal..... for the Company offering it. I might do the same here. I'll find some granny, give her £30k to see out her days and get her to sign me over her house once she's died. Don't we call it 'Equity Release' here in dear old Blighty, much the same thing! Quote Link to comment Share on other sites More sharing options...
no accountant Posted July 5, 2006 Share Posted July 5, 2006 If "your home is your pension" as Labour seem to endorse, then this is the only way for pensioners to get the money out when they need to, without having to sell up. Expect the market to get bigger and more competitive. Quote Link to comment Share on other sites More sharing options...
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