Can someone please explain how a reverse mortgage works?

[Badweather]

Like... Dumbed down

[Ghost1]

They pay you for the house.

Duh.

Its a reverse.mortgage.

The mortgage company owes u the.money nigga.

First time homeowner huh?

Youll figure it out bruh bruh.

[Chyeahhh!!!]

@Hush

[Cashius]

I thought Badweather was homeless?

[Badweather]

They pay you for the house.

Duh.

Its a reverse.mortgage.

The mortgage company owes u the.money nigga.

First time homeowner huh?

Youll figure it out bruh bruh.

nah, i just don't understand how they pay you but you keep the house. that doesn't make sense. once they pay you all the money, they can evict your ass right?

[Badweather]

I thought Badweather was homeless?

before a little over a year ago, i didn't have a stable living situation. i was couch surfing, basement dwelling, and guest room grindin'.

it's still a valid joke around here though, depending on how you flip it.

[Cashius]

Word. I'm glad things have turned around.

[Ghost1]

do they actually pay u? lmfao

I was just being a douche. I rent

[Badweather]

do they actually pay u? lmfao

I was just being a douche. I rent

of course. well, i can honestly say you haven't let me down bro. do what you do.

[Ghost1]

lol. don't u fucking guilt me.

[Orc]

great help bags

[Ghost1]

LOL

IM SORRY

:(

[Strikta]

I'm confused as to what this shit is too.

The old dude from that one show be doing commercials pressing niggas to get a reverse mortgage.. like "this is what u absolutely need to do, call this number RIGHT NOW".. fuck allat.

How does it work tho?

[PancakeBrah]

If there are commercials like that for it you should avoid it all costs lol. They're not making commercials to help you out.

I work at a bank. Have no idea what that shit is.

[Ghost1]

I'm confused as to what this shit is too.

The old dude from that one show be doing commercials pressing niggas to get a reverse mortgage.. like "this is what u absolutely need to do, call this number RIGHT NOW".. fuck allat.

How does it work tho?

he dosnt kno. lol.

[Badweather]

Well, I find comfort in knowing i'm not the only one who doesn't get this shit.


I'm gonna google the fuck out of this topic and try to share what I learn

[Split]

The neck beards have spoken http://www.reddit.com/r/explainlikeimfive/comments/1kjujr/eli5_reverse_mortgages/

[Badweather]

The neck beards have spoken http://www.reddit.com/r/explainlikeimfive/comments/1kjujr/eli5_reverse_mortgages/

fucking SOLID. Split for President!

[Strikta]

Still sounds like bullshit to me.

Glad my folks ain't thinking about a reverse mortgage.