Have you recommended and used a reverse mortgage in any of your transactions with seniors?

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Rob Thomas

Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN

Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

I have never recommended one Roy Kelley ....I have sold a couple that were in the process and they were not easy to deal with ...

Great question!

Oct 28, 2015 10:15 AM

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Roy Kelley

Gaithersburg, MD

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Raymond E. Camp

Ontario, NY

I would refer them to a banker or broker who would be better able to answer the question.

I am not in favor of this type of mortgage.

Oct 22, 2015 10:38 PM

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Roy Kelley

Gaithersburg, MD

Rainmaker
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Captain Wayne - Rowlett Real Estate School

Rowlett Real Estate School - Panama City, FL

Rowlett Real Estate School / Owner and Instructor

Hi Roy, I have not done this.

Oct 22, 2015 01:07 PM

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Roy Kelley

Gaithersburg, MD

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Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

No, most of my clients have been way to young for a reverse mortgage.

Oct 22, 2015 12:27 PM

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Roy Kelley

Gaithersburg, MD

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Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

From the few of these I've looked at I wouldn't suggest them to anybody

Oct 22, 2015 11:30 AM

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Roy Kelley

Gaithersburg, MD

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637,484

Hella M. Rothwell, Broker/Realtor®

Carmel by the Sea, CA

Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

As long as you are very responsible, that equity money can evaporate pretty quickly and you are left with nothing. I've seen it. Twice. You can't move, and are still responsible for the upkeep of the home.

Oct 22, 2015 10:39 AM

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Roy Kelley

Gaithersburg, MD

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Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

I do not recommend them nor have I used one with a client. I have had sellers that had one and helped them sell their homes and pay them off.

Oct 22, 2015 10:32 AM

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Roy Kelley

Gaithersburg, MD

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Jeff Pearl

RE/MAX Distinctive / LIC in VA - Lovettsville, VA

Full Service Full Time Realtor

I would never recommend a reverse mortgage because I'm not qualified to do so. The handful times the subject came up, the sellers chose to just sell, usually because a spouse or parent was going into assisted living, and it made more sense to sell the property.

Oct 22, 2015 10:09 AM

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Roy Kelley

Gaithersburg, MD

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Noah Seidenberg

Coldwell Banker - Evanston, IL

Chicagoland and Suburbs (800) 858-7917

No Roy, I would leave that up to the lenders. From what little I do know this would be a last resort to drain the equity out of a property.

Oct 22, 2015 07:41 AM

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Roy Kelley

Gaithersburg, MD

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Joe Pryor

The Virtual Real Estate Team - Oklahoma City, OK

REALTOR® - Oklahoma Investment Properties

No, I am not a big fan, and I believe seniors should hold on to equity inc ase they really need it.

Oct 22, 2015 06:52 AM

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Roy Kelley

Gaithersburg, MD

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Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

No, I never have. Nor have I yet seen a situation where it would have been beneficial for the costs.

Oct 22, 2015 05:38 AM

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Roy Kelley

Gaithersburg, MD

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400,356

Jill Murty, Realtor - Orange County, CA

Movoto - Laguna Niguel, CA

I've recommended that clients investigate reverse mortgage for their existing property or for a purchase of a property. To date, none of my clients has used reverse mortgage.

Oct 22, 2015 05:34 AM

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Roy Kelley

Gaithersburg, MD

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Donna Foerster

HomeSmart Realty Group - Parker, CO

Metro Denver Real Estate Assistant

Roy Kelley

No and no. I know a few lenders that specialize in this type of mortgage and assume that since our niche market is seniors that we'll be doing some of these in the near future.

Aug 26, 2016 02:28 AM

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I have never recommended one Roy Kelley ....I have sold a couple that were in the process and they were not easy to deal with ...

Great question!
I would refer them to a banker or broker who would be better able to answer the question.

I am not in favor of this type of mortgage.
No, most of my clients have been way to young for a reverse mortgage.
From the few of these I've looked at I wouldn't suggest them to anybody
As long as you are very responsible, that equity money can evaporate pretty quickly and you are left with nothing. I've seen it. Twice. You can't move, and are still responsible for the upkeep of the home.
I do not recommend them nor have I used one with a client. I have had sellers that had one and helped them sell their homes and pay them off.
I would never recommend a reverse mortgage because I'm not qualified to do so. The handful times the subject came up, the sellers chose to just sell, usually because a spouse or parent was going into assisted living, and it made more sense to sell the property.
No Roy, I would leave that up to the lenders. From what little I do know this would be a last resort to drain the equity out of a property.
No, I am not a big fan, and I believe seniors should hold on to equity inc ase they really need it.
No, I never have. Nor have I yet seen a situation where it would have been beneficial for the costs.
I've recommended that clients investigate reverse mortgage for their existing property or for a purchase of a property. To date, none of my clients has used reverse mortgage.
Roy Kelley

No and no. I know a few lenders that specialize in this type of mortgage and assume that since our niche market is seniors that we'll be doing some of these in the near future.