Sunday, July 17, 2011
Reverse Mortgage help?
I am a 65 yr old widow with a monthly income of $2,300.00. Today I signed the papers for a reverse mortgage and am getting cold feet. My home is worth $200,000 and has never had a mortgage on it, is 7 yrs old, and I don't have much debt, and am exempt from property taxes. I thought it would be nice to have some extra money in the bank and more available if necessary. The loan is a HM 1MLB 225. I also have a decent amount of money in savings. My sons all have their lives in order but I still want the majority of my house to be there for them. If anyone out there is in Finance, please tell me what you think. Should I cancel before the 3 days are up.? Thanks
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