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March 20th, 2011
04:27 AM ET

Are Reverse Mortgages a Good Idea?

You may have seen those commercials suggesting a reverse mortgage can help solve your money problems. Some senior citizens say the rules have changed, and now they could lose their homes.

Look for Clyde Anderson's Home School segments in the 7 o'clock hour of CNN Saturday Mornings with TJ Holmes.

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soundoff (3 Responses)
  1. josefareed

    As a general rule, if you can shave at least a half point off your current interest rate, it is a good idea to refinance. If you currently have a home mortgage above 7%, the time is now to make a change. Look online for "Mortgage Refinance 123" they gave me the lowest rate than everybody else which is 3.21%.

    March 20, 2011 at 4:40 am |
  2. Harvey Gaspar

    The new HECM (HUD) require mortgage insurance. If the home is not worth the loan, at the time of termination, then the difference is covered by the insurance. The insurance rate is 2 % of the loan amount plus 1.25% anually. And according to current info, the borrower is still on the title of the house. The heirs can walk away from the liability if the home is worth less than the loan at the time of termination.
    Prove me wrong!

    March 20, 2011 at 3:08 pm |
  3. helenroby45

    After what seemed like a lifetime of thirty-Year adjustable-rate mortgages, with monthly mortgage payments going up all the time, The "Mortgage Refinance 123" helped me to lock in a great low fixed rate of 3.16%, helping me to guarantee myself the ability to always make my mortgage payment on time with money to spare.

    March 21, 2011 at 2:17 am |

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