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1,776,494
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   Bitter heirs. 

Oct 07, 2017 05:22 PM
Ambassador
2,960,525
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Far too often they seem to prey on the elderly, and catch their children by surprise later.

Oct 07, 2017 03:41 PM
Ambassador
3,211,452
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

The family generally has to handle the sale or disposition of the home and they are not happy that their relative created this debt.

Oct 07, 2017 06:31 PM
Rainmaker
3,812,958
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

there are specialists with the topic of reverse mortgages.... all questions I have would be directed to them....

Oct 07, 2017 03:51 PM
Rainmaker
2,687,943
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

I don't have any concerns because I would refer questions such as this to experts in the field.  It's best not to practice outside one's field of expertise.  

 

Oct 07, 2017 03:47 PM
Rainmaker
1,357,598
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

I agree with Bob Crane.

Oct 07, 2017 07:58 PM
Ambassador
1,127,685
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Talk to a lener who does them.

Oct 07, 2017 06:45 PM
Rainmaker
606,297
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Very high fees.

Oct 07, 2017 06:08 PM
Rainmaker
1,107,412
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Lack of knowledge 

Oct 08, 2017 03:06 AM
Ambassador
3,242,760
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

I would ask a reverse mortgage specialist, which I am not. I think heirs may have some concerns

Oct 07, 2017 10:46 PM
Rainmaker
1,967,151
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Have never done one... check with a mortgage specialist and financial/tax advisor.

Oct 07, 2017 10:22 PM
Ambassador
2,089,743
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Make certain the lender specializes in these - not all lenders are created equal when it comes to reverse mortgages.

Oct 07, 2017 08:53 PM
Rainmaker
261,214
Melissa Jackson
United Country Real Estate FW - Fort Worth, TX
REALTOR® Matching Buyers & Sellers

Definitely talk to a lender that is actively working with reverse mortgages. People seem to shy away from what they don't understand.

Oct 07, 2017 08:45 PM
Rainmaker
3,280,822
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

Ask an expert.  A

Oct 07, 2017 05:54 PM
Rainmaker
4,109,565
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Make sure the product will best meet the needs of the borrowers.

You have some studying to do.

Oct 07, 2017 05:01 PM
Ambassador
3,510,063
Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Kyle Beers I know some people like the wat it is done.

Oct 07, 2017 11:54 PM
Rainmaker
750,894
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

This question is at least 15 years ago where realtor and loan are same person.  The same goes with many questions at Utah school. 

Oct 07, 2017 11:35 PM
Rainmaker
3,215,287
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Costs.  mY parents did noe and the interest was very high and costs we al so.  They ended up  paying in iquity over 25%

Oct 07, 2017 09:14 PM
Rainmaker
1,559,167
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

That some folks will forget to pay their Property Taxes !

Oct 09, 2017 05:31 AM
Rainmaker
1,345,523
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

As Professor Fred Griffin wrote. He should be teaching your course

Oct 08, 2017 01:17 PM
Rainmaker
397,559
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

I'm not a fan of these products and would personally highlight the negatives more than the positives.

Oct 08, 2017 07:37 AM
Rainmaker
271,057
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I am not familiar with reverse mortgages.  

Oct 08, 2017 05:08 AM
Rainmaker
504,548
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I've never really looked into reverse mortgages Kyle Beers I don't think they are for everyone and can see where heirs may be upset

Oct 08, 2017 04:47 AM
Rainmaker
563,385
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

When life changes direction, a reverse annuity mortgage isn't kind to the realities of life. 

I think this is an underutilized resource that can address housing affordability for those whose income does not change to accommodate rising costs.

My advise to those who have elderly parents, be there to help them or you just might get surprised (bitter) by the decisions they make when they think you don't care or do not trust your response to their need for help.

Oct 09, 2017 07:38 AM
Rainmaker
3,598,257
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not done any

Oct 09, 2017 03:58 AM
Rainmaker
1,340,234
Lise Howe
Long and Foster - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

fraudulent lenders who prey on older people

Oct 08, 2017 08:34 PM
Rainmaker
661,755
Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

I have none, why do you ask?

Oct 08, 2017 06:23 PM
Rainmaker
1,141,446
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

None. I never was a party in a reverse mortgage transaction. 

Oct 08, 2017 02:28 PM
Rainmaker
2,335,886
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

The people getting them not understanding how they work yet they close anyway and years  from now can lose the house not realizing they had to pay their taxes

Oct 08, 2017 12:44 PM
Rainmaker
905,512
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I steer clear of them.

Oct 08, 2017 08:48 AM
Rainmaker
3,777,365
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

The fees.

Oct 08, 2017 06:26 AM
Rainmaker
1,253,247
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Kyle Beers Read the fine print.

Oct 08, 2017 06:18 AM
Rainmaker
2,370,777
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

I wish you all the best with your real estate studies.  

Oct 08, 2017 05:43 AM
Rainmaker
2,459,807
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Michael Jacobs  nailed this one!

Oct 08, 2017 05:26 AM