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Experience with Reverse Mortgages?

  1. #1
    Lifer
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    Experience with Reverse Mortgages?


    I am exploring this option for my parents. I've done all the research so I don't need opinions on other options, why RMs may be bad, etc. I am wondering if anyone has had a positive (or negative) experience with a particular provider. Thanks.

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  2. #2
    Lifer imkindafkedup's Avatar
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    Re: Experience with Reverse Mortgages?

    I work as a mortgage lender and refer out reverses to:
    C. Joseph Mustone
    NMLS License # 167586
    Reverse Mortgage Consultant
    Off. 781-344-4846
    Fax 781-344-1841
    jmustone@4cfc.com

    He's been in the business for quite a while. He's knowledgeable and will be happy to answer any and all questions you may have. Reverses have a bad rep but they're in all actuality an excellent product and option if explained properly. Best of luck.

    Mike Caras- Guaranteed Rate

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  3. #3
    Lifer
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    Re: Experience with Reverse Mortgages?

    Thanks very much. Is he just local - they're out in western MA?

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  4. #4
    Lifer imkindafkedup's Avatar
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    Re: Experience with Reverse Mortgages?

    He's licensed for all of MA. His company is out of Stoughton but he lives in Gloucester. He will work anywhere in MA though.

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  5. #5
    Lifer SteveM's Avatar
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    Re: Experience with Reverse Mortgages?

    Sometimes these get played as if they are a scam, and I'm sure there are some unscrupulous people in the business selling them in inappropriate situations.

    But if your parents are well enough to live in their home and need to liquidate some of the equity they've built up to live a little better then it is an idea that makes perfect sense. I would only advise that you work with them to understand the basics of money and time. The more you take each month, the less time it will last.

    The other advice I always give folks as their parents get older it to meet with a qualified elder law attorney and get assets into trusts so that they are protected in the unfortunate case that either parent requires nursing home care as they age.

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  6. #6
    Lifer
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    Re: Experience with Reverse Mortgages?

    Thanks - we've actually done most of what you said. They've been meeting with an elder lawyer for about a year to get everything in order. We've buttoned up all their health care and estate documentation, so now we just need to tackle their finances. I spoke at length with a Quicken Loan rep, who was extraordinarily helpful. Massachusetts is the only state that requires applicants to meet with a HUD counselor in person before they can start the application process.

    There are some typical setups with a reverse mortgage: taking a lump sum, taking a monthly "allowance" or using it like a home equity loan and drawing down when needed. We'll see how it goes, but I feel this is a good solution for them.

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  7. #7
    Lifer imkindafkedup's Avatar
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    Re: Experience with Reverse Mortgages?

    Make sure to get other quotes other than Quicken. I know with purchases, Quicken preapproval letters are often dismissed by realtors because of how their system is both with preapprovals and during the purchase. I'm sure Joe will be able to meet you and your parents face to face to really make sure everything is answered that may not even have been thought of.

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