bobm
Garden Master
About 2 weeks ago, Ocean Lending sent a full color laminated oversize postcard addressed to my wife. 
She is pre- approved for $135,358 for a Federal Government insured Home Equity Conversion Mortgage at 4.99% ( 6.799 % apr) ... never make a mortgage payment as long as you live in this home, just pay property taxes and insurance. WOW what a deal !!! 
But wait ... This offer is only for my wife,however BOTH of us are on the title, so they can't possibly make this mortgage without my approval and signature. 
That amount is what our current mortgage balance hapense to be. Out of curiousity, I called 3 of the top Real Estate Brokers in SW Washington for what they thought that our home would sell for. As of this morning our home, in it's current condition, is worth 2.5X MORE than this very generous ( NOT) offer. Doing the math ... $135,258 x 2.5= $338,135 +/- - $135,358 = $203,737 is what my wife will have given away to this very generous ( ? ) lending institution. Now, when I finish installing a new modern 60 inch electric fireplace, and new flooring ... our home will be worth $50,000+ more. 
REVERSE MORTGAGE AT IT'S FINEST !!! 
Be VERY careful of what the big bad wolf offers. 
She is pre- approved for $135,358 for a Federal Government insured Home Equity Conversion Mortgage at 4.99% ( 6.799 % apr) ... never make a mortgage payment as long as you live in this home, just pay property taxes and insurance. WOW what a deal !!! But wait ... This offer is only for my wife,however BOTH of us are on the title, so they can't possibly make this mortgage without my approval and signature. That amount is what our current mortgage balance hapense to be. Out of curiousity, I called 3 of the top Real Estate Brokers in SW Washington for what they thought that our home would sell for. As of this morning our home, in it's current condition, is worth 2.5X MORE than this very generous ( NOT) offer. Doing the math ... $135,258 x 2.5= $338,135 +/- - $135,358 = $203,737 is what my wife will have given away to this very generous ( ? ) lending institution. Now, when I finish installing a new modern 60 inch electric fireplace, and new flooring ... our home will be worth $50,000+ more. REVERSE MORTGAGE AT IT'S FINEST !!! Be VERY careful of what the big bad wolf offers. 
