Posted by
Bill Cherry on Sunday, July 20, 2008 1:01:27 PM
Reverse mortgages have been around for a number of years, but only recently have they been legal to market in Texas.
Basically, the idea is that senior citizens needing more cash and income than they have, can borrow a substantial portion of the cash equity from their home, and they can then live in their home without making a mortgage payment for the remainder of their lives.
I have been in the real estate business for the majority of my life. And I have also been an officer and director of three banks. On top of that, my graduate education is in real estate, banking and life insurance. Combining all of that into a big pile, one would probably think I would be licensed to sell reverse mortgages. I'm not and I don't plan to be.
Thus far, everyone who has spoken with me about reverse mortgages, at least in my mind, has been a poor candidate for that product. Reverse mortgages are not cheap, and they are predicated on what the future holds for the borrowers. In most cases, seniors have no business going into the waters of the mysterious.
If you would like to have an easy to understand four-page piece that explains Reverse Mortgages in a question and answer format, I have written one and I'll be glad to send you a copy. You may email cherrysells@aol.com or you can order it toll free by calling 1-800-314-7110 and leaving your name, mailing address and email address. You can be assurred that you will not be called.
Should you then decide that a reverse mortgage is a proper product for you or a friend or family member, I'll be glad to put you in contact with a specialist who is honorable and above board.
BILL CHERRY, REALTORS
DALLAS
1-800-314-7110