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Originally Posted by eurobounce
Bold--I about flipped when I heard of this 7 months ago. I never heard of it until then. I have been researching and talking with other people who know Reverse Mortgages and boy what a great idea. I pumped a good deal of money into this company (I own 27%) and I think it is going to be awesome. What is awesome is that HUD makes up any short-sells. It is a win win deal for everyone (accept for the people who stand to inherit the home). But screw them. I actually got my grandmother to do this so she wouldnt have to struggle from month to month. She took a lump some of $80k. She has $20k in her bank and then we got a CD for the other $60k. It really lessens the stress for older americans.
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People should want their parents to live a good life anyone instead of scraping by so they can get a bigger inheritance. The issue though facing older americans is health care. Drug costs alone can eat up the interest people collect on the money they put away from the reverse mortgage. People just live too long today, and that is why the reverse mortgage will become the norm in the future.