davis470909 (November 30, 1999 at 12:00 am)

The loan is called a Home equity Conversion mortgage. It is a non-recourse loan and your only obligation to sell the home is at current market value of the home. That is no upside down condition. Why should your 70 yr old parents eat dog food so that their 50 yr old kids inherit the home and sell it, spend the proceeds.Parents you will eliminate any future payments except home owners insurance and property taxes. Put that $1200 payment in a savings account or Annuity plan.+

troosyreen (November 30, 1999 at 12:00 am)

this guy sounds like napoleon dynamite.

dobi2004 (November 30, 1999 at 12:00 am)

They charge a fee to set up the mortgageEvery month a interest debt builds upthe balance of the LOAN is applied against the value of the property. You may end up owing more than the house is worth. When you sell the house, if you can't sell it for more than the loan you have to make up the difference.

pavillion14 (November 30, 1999 at 12:00 am)

Of course they make it sound so good....they make a lot of money on this. How about a reverse mortgage 1st & 2nd all adjustable rate on one house. Oh the kids don't get the house if the borr dies the mortgage company over rides the will....

michaelmlt (November 30, 1999 at 12:00 am)

So, what are the dangers? I saw nothing indicating the dangers.