Word: mortgagee
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--A master list. This is an inventory of the people and institutions with whom you do business: your credit-card companies (with their phone numbers and your card numbers), mortgage servicer, broker, insurance companies, accountant and attorney. One quick, low-stress way to compile a serviceable list is to put...
As an example, consider a 77-year-old Chicago couple with a home worth $250,000. On the basis of life expectancies, they would qualify for a reverse-mortgage lump sum or line of credit of $175,600 or a monthly payout that would add up to that amount by...
--THE COSTS. Reverse mortgages involve costs, just like regular mortgages, that can eat up any financial advantage in the short term. These costs often get swept under the rug in the sales pitch because they are not up-front charges but are subtracted from the amount the borrower eventually receives...
--OTHER OPTIONS. Why not just sell your home and move? Particularly now, you may find that you can get more money than you ever imagined, then scale down close by or relocate to a lower-cost area. Also talk to your grown kids. Often parents mistakenly assume that their kids...
--THE NEGOTIATION. For the vast majority of people, a reverse mortgage insured by the Federal Housing Authority (FHA) is the best deal. This is called a home-equity conversion mortgage, and many of its costs--including interest, which floats with one-year Treasury bills and is now 3.55%--are consistent...