Anyone here have a Reverse Mortgage? Perhaps you can

[yy4me]

give me some advice before I try to contact the company that wrote the one I have. First, let me say that although this type of mortgage is a help to some, it is unbelievably expensive to write and the monthly charges are absurd. Monthly interest is based on prime and seems compounded to me. I can't figure out if we are paying interest on the interest. The company in California that holds this mortgage never answers the phone to reply to request to contact me.

Our $30,000 reverse mortgage (inc initial fees and its initial use for the household repair is now $60,000. It may well be endorsed by AARP and God himself but think hard and long before taking out one. Our house was paid for but now has a $60,000 mortgage.

In light of the financial mess we are in, I am afraid of inflation. Interest rates go up, so does the rate I pay. Real Estate values are dropping like stones here. I will end up with no equity and nothing for my kids.

Since my husband died recently, all kinds of things have happened to make any kind of a lucid judgment about what to do in my situation. So far it has been over $2000.00 just to have a lawyer settle his estate, never mind things like funeral expenses, and it is not done yet. My problem is nothing compared to others but I'm now afraid, like millions of Americans. My bank account is very slim at the moment.

Last thursday I was laid off. See what I mean? Bad to worse.

What I would like to know, is it possible to turn this mortgage into a fixed rate instead of one based on Prime? Inflation can fluctuate and suppose it goes through the roof like it did during the Carter Administration. I will be wiped out.

Any thoughts would be appreciated. When the court gives me the OK, I will be seeing a friend who is a Certified Financial Adviser for guidance.

Perhaps someone here has thoughts too.
Thanks