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reverse mortgage....

Just wondering if anyone has ever done a reverse mortgage for their relative who needed to be in assisted livng or have a full time grandma is 86 and has had congestive heart failure for about 4 years and now was diagnosed with multiple myelomas (blood cancer)...anyway, we are looking into options but those options are very expensive...just curious if anyone has ever had to do the reverse mortgage and if so how was the experience, what did it cost, etc...thanks.

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Asked by calliesmommie at 4:55 PM on May. 18, 2009 in Money & Work

Level 22 (14,987 Credits)
Answers (1)
  • I don't know all of the details, but my best friends mother has a reverse mortgage. Basically it is like a home equity loan, sort of. They give you a set amount that you can use. You can use some or all of it, and you can use it on whatever you want of course. Then when grandma dies the options are to pay the money back and keep the house or the bank takes the house. I don't really know what the costs involved are though.

    Answer by slw123 at 9:35 PM on May. 18, 2009

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