- Joined
- Aug 30, 2007
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- 13,881
Researching reverse mortgages I realize they are rather convenient as you do not have to pay any interest until death, or house/condo is sold. However, interest rates appear rather high today, around 6%, vs a more typical prime plus 1/2% to prime plus 1% secured LOC.
Who has done this for their parents, or grandparents or in-laws? Any experiences you’d like to share re process, timelines, pro’s and con’s of a reverse mortgage vs LOC ?
Who has done this for their parents, or grandparents or in-laws? Any experiences you’d like to share re process, timelines, pro’s and con’s of a reverse mortgage vs LOC ?