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M$1 January 09, 2009 07:18 AM

Anyone use Virgin Money's Reverse Mortgage or Retirement Mortgage?

I've been looking at a Reverse Mortgage--or Retirement Mortgage--for my parents as a way to get them to retire a little earlier. Does anyone know anything about Virgin Money (who knew Virgin did mortgages), or have any suggestions about these types of mortgages?
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January 09, 2009 03:26 PM
I have never used the service. Virgin Money is an interesting concept. It was founded by a guy with a great a vision, the founder of Virgin, Richard Branson. The idea is that you can provide financial loans and mortgages to people in your family or friends, rather than going through traditional outlets such as banks. On paper, the idea sounds great, but in theory it is not for everyone. People who do business with family should always take extra precautions, as you can hurt relationships in the family or create a family feud. I advise you to take extra precaution using such a service, even though the service is reputable. I spoke to the company about this, and they seem to have everything set in place so that it works out well. I am not saying that I am recommending this service, yet it seems like a legitimate one to me even though it's not Virgin's number one business. Virgin just has its hands in everything, so this is just one of the many businesses they operate. They are sort of like Mahalo, having a lot of businesses in one company, but a lot more.

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