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i am a 77 yr old widow,thinking of doing a reverse mortgage due to not being able to keep up with my expenses.i wont sell.
Fort Lauderdale, FL
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Posted 4 months ago in Debt / Lending Agreements
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what about reverse mortgages?any pitfalls,i hear conflicting stories.
Answers (2)Kaiser Wahab
This attorney is licensed in New York and 1 other state.
Posted 4 months ago.
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This is not really a legal question but a finance management question. You should definitely talk to a qualified mortgage broker/loan officer who can advise you (I believe that you are required to meet with a HUD rep). One of the major pitfalls associated with these types of mortgages is that they have reltively high closing costs and could impact eligibility for medicaid.
I hope this helps. Disclaimer: This answer is for informational purposes only and does not constitute general or specific legal advice, nor create an attorney client relationship.
Carlos Gonzalez
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