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Reverse Mortgage

GuvamintCheeseGuvamintCheese Member Posts: 38,932 ✭
edited June 2008 in General Discussion
Anybody going in that direction? I have a couple of years before I will be eligible, but see that it could be a good way to beef up a limited retirement income. Any and all thoughts welcome.
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Comments

  • GuvamintCheeseGuvamintCheese Member Posts: 38,932 ✭
    edited November -1
    Tom Selleck??!!! I thought it was bad enough when he took the NYC police commissioners job. Now he's shilling for a reverse mortgage outfit. I'm crushed! What happened to Quigley; Monte Walsh; etc.?
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  • GuvamintCheeseGuvamintCheese Member Posts: 38,932 ✭
    edited November -1
    ...So the finance co. pays you monthly, and just waits til you die to get your house? is that the jist of it?
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  • Old-ColtsOld-Colts Member Posts: 22,697 ✭✭✭
    edited November -1
    Obviously there are more details, but in simplistic terms I think that's about it.

    If you can't feel the music; it's only pink noise!

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  • iwannausernameiwannausername Member Posts: 7,131
    edited November -1
    Pretty much... you do have to maintain it as your residence, so if you go to a nursing home or rehab place for a few months, that may "trigger" the end of the loan, etc.
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  • select-fireselect-fire Member Posts: 69,535 ✭✭✭✭
    edited November -1
    I don't believe the mortgage co. gives full amount of the homes value. If a home is worth 300K they will do a 90K mortgage. Big deal...
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  • Old-ColtsOld-Colts Member Posts: 22,697 ✭✭✭
    edited November -1
    This is as close to AARP as I plan to get (Internet), but here is some pretty good information on Reverse Mortgages at their website. There is also a calculator that will give you some idea of what kind of lump sum, monthly payments, or combination that you can expect.

    http://www.aarp.org/money/revmort

    If you can't feel the music; it's only pink noise!

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  • River RatRiver Rat Member Posts: 9,022 ✭
    edited November -1
    Don't do it. Dave Ramsey says it is a shady industry, and whatever he says works for me.
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  • elkoholicelkoholic Member Posts: 5,130
    edited November -1
    Quickly evolving industry right now. They are constantly getting better but I'd consider it a tool of last resort for the elderly who have depleted all reserves.
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  • non mortuusnon mortuus Member Posts: 649 ✭✭✭✭
    edited November -1
    quote:Originally posted by dennisnielsen
    Have no kids or did they piss you off, anyway, for some that would not have worthy heirs it might be a good thing, for between a rock and a hard place is rough.
    Some may ask their grown up kids for help if they want to Inherit in order to get a 300k home for 90k. They cant be pissed if asked first.

    I'd say sign the house over to the kid(s) now, with a signed agreement you get to live there till you die, they now have to pay the house taxes, but you'll continue usual maintance (or whatever deal you want to work out).
    It seems about the same to me. You get money (or same benefit from fewer bills), and when you die someone else gets your house.
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  • He DogHe Dog Member Posts: 51,593 ✭✭✭✭
    edited November -1
    I think you are likely to last at least 3 or 4 more years Cartod, I suggest you avoid the reverse mortgage scam.
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  • GuvamintCheeseGuvamintCheese Member Posts: 38,932 ✭
    edited November -1
    quote:Originally posted by He Dog
    I think you are likely to last at least 3 or 4 more years Cartod, I suggest you avoid the reverse mortgage scam.
    Thanks,[8D] I was just interested in how it worked. I have been hearing more commercials for them and was wondering if they are just preying on the elder.
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  • allen griggsallen griggs Member Posts: 35,695 ✭✭✭✭
    edited November -1
    Robert Wagner is doing a commercial for them.
    He wouldn't lie to old geezers for money, would he?
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  • He DogHe Dog Member Posts: 51,593 ✭✭✭✭
    edited November -1
    Only if there is money involved Allen, only then.
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