My buddy who owned a mortgage company recently told me he was now moving into reverse mortgages. It kinda seems shady as they are focusing on an older client base? What’s your take?
Well it only makes sense for older people, so that is who they target. I think it is a bad idea, but maybe if you are old and can’t work it’s your only choice.
Read the guidelines from HUD. They also released a document for investors looking to put seniors into homes and refinancing them into a reverse. Hud knows what is going on and have actually acknowledged it.
3 posts, 3 voices
dolsonk writes, Oct 30, 2008: (8 posts)
My buddy who owned a mortgage company recently told me he was now moving into reverse mortgages. It kinda seems shady as they are focusing on an older client base? What’s your take?
ncarey writes, Nov 5, 2008: (5 posts)
Well it only makes sense for older people, so that is who they target. I think it is a bad idea, but maybe if you are old and can’t work it’s your only choice.
Ned Carey,
check out my blog http://baltimorerealestateinvestingblog.com/
grizwold writes, Nov 12, 2008: (2 posts)
Read the guidelines from HUD. They also released a document for investors looking to put seniors into homes and refinancing them into a reverse. Hud knows what is going on and have actually acknowledged it.
http://www.hud.gov/offices/hsg/sfh/hecm/hecmabo…