Posted on: 19th May, 2006 09:24 am
Hi there, I need to know how this will benefit my parents who are 62 and 63, the only income is my dad's income, they owe a debt to the IRS and an other debt, my questions are can they do this reverse mortgage and how long will it be, and is it ever paid back, being that they are seniors, the total debt owed I believe is about 90,000 to 100,000 not sure of the exact number but the value of the home exceeds that amount. Do you recommend this choice for them, they are concerned for us, and leaving the home we grew up in to do this, what info can I pass on to them to assure them it will be okay?? Sorry this is so long.
Thank You for you time.
Cheri
Thank You for you time.
Cheri
Hi, Cheri
Just now I have answered the similar query here. http://www.mortgagefit.com/discuss/about2095.html
You parents can go for reverse mortgage. It will be a good option for them. And regarding the benefits please refer this article http://www.mortgagefit.com/reverse.html - it will give you all the answers to your questions.
Thanks and Good Luck
Adonis
Just now I have answered the similar query here. http://www.mortgagefit.com/discuss/about2095.html
You parents can go for reverse mortgage. It will be a good option for them. And regarding the benefits please refer this article http://www.mortgagefit.com/reverse.html - it will give you all the answers to your questions.
Thanks and Good Luck
Adonis