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House Calls: Price to Offer

Edith Lank on

Timeshare Experience

Ms. Lank: In your recent column, you wished that someone would write and tell you how their experience with getting rid of a timeshare worked out.

We bought a timeshare in Mexico quite a few years ago. After a few visits there and trading to other resorts, it became difficult to trade for what we wanted, and the fees were increasing yearly.

I called the resort to see what the options might be, but since we had paid cash, it didn't want anything to do with us. I tried to sell it through ads and lost several hundred dollars with no results. In the end, I just stopped paying my yearly maintenance fees, and even though I was told it would affect my credit, I never heard another thing from the resort and there was no negative impact on my credit.

It is a problem. And in hindsight, I never would have purchased it and was glad to be rid of it! -- B. O.

Answer: Thanks for sharing your experience. As always, a timeshare may be considered a pleasant way to visit a favorite resort, but it shouldn't be considered an investment.

Reverse Mortgage

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Dear Edith: I am interested in information on selling and buying with a reverse mortgage. I am retired and over 62 years old. -- P. R.

Answer: Yes, you can use a reverse mortgage to buy a home. You'll have to make a substantial down payment, perhaps with money from the sale of your present house. After that you won't have to make any monthly payments. They'll just pile up, not to be repaid until you die or leave the house permanently. How much you can borrow depends on your age (more if you're older) and the value of the house.

The AARP website has useful information, and you can get specific information from any lender that handles FHA-insured reverse mortgages.

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Contact Edith Lank at www.askedith.com, at edithlank@aol.com or at 240 Hemingway Drive, Rochester NY 14620.

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