Posted by dave guest on February 04, 2008 at 15:54:05 from (4.229.177.249):
Be careful. Usually pays only a fixed predetermined amount. Not forever. Average is pro bably 50% of what home is worth. When this amount is reached, no more money. You still have to maintain home, taxes, insurance, utilities. Some people on SSI have been dropped because this mortgage is considered income unless you spend entire amount each month. Source Michigan Bar assoc. Lady I was attempting to help had 100K house, was told mortgage co. would pay $500 month until total of $45K then no more payments. No home to leave to her kids, nobody, the end. Please get a lawyer or someone very knowledgeable in real estate.
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