reverse mortgage
#7678099
09/24/22 10:17 AM
09/24/22 10:17 AM
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Joined: Dec 2006
Posts: 1,288 Mt.
g smith
OP
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OP
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Who got one and regretted it ? Who got one and loved it ? Who is now debt free but strapped for income ? Tired of working and scrimping at 73 so our kids who are well fixed will inherit a free and clear place ?
You can ride a fast horse slow but you can't ride a slow horse fast .
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Re: reverse mortgage
[Re: g smith]
#7678138
09/24/22 11:15 AM
09/24/22 11:15 AM
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Joined: Dec 2008
Posts: 1,749 eastern washinghton
70sdiver
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Well if your strapped for cash a reverse mortgage might help but it brings a lot of problems down the road. Number one is the mortgage company will visit your property annually and if the home needs any work It must be done,Say it needs a new roof in 10 years if you don't have the money to reroof they call the loan due and you either sell your house or pay back what you owe on the reverse mortgage. I would never do one I'd sell and down size before I have a company telling me what I have to do in my home.
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Re: reverse mortgage
[Re: Badger23]
#7678140
09/24/22 11:21 AM
09/24/22 11:21 AM
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Joined: Aug 2021
Posts: 1,473 Over there.
Flicker Shad
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Over there.
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Have you considered selling and downsizing your stuff you don't need? At your age it may make more sense to rent or buy a smaller home than do a reverse mortgage. That's my thought but others may give you better input I don't like the idea of renting. Rent cost can always go up. A fixed mortgage won't. Part time job maybe. Not hard to find.
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Re: reverse mortgage
[Re: HayDay]
#7678143
09/24/22 11:28 AM
09/24/22 11:28 AM
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Joined: Sep 2012
Posts: 918 Perry, NY
Dana I
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Reverse mortgage is one of the biggest scams on elderly property owners to ever come down the pike. It is a sinking fund and it will eat up the equity in a home or property in a fraction of the time it took to gain it in the first place.
If a person needs money that bad, sell it. Couldn't agree more!!!
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Re: reverse mortgage
[Re: Flicker Shad]
#7678145
09/24/22 11:31 AM
09/24/22 11:31 AM
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Joined: Nov 2014
Posts: 1,939 east central WI
Dirty D
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I don't like the idea of renting. Rent cost can always go up. A fixed mortgage won't. Part time job maybe. Not hard to find.
while I agree with the downside of rent I would say that someone who retires and still has a mortgage is doing things wrong. At that point one should reassess priorities. Cut costs and sell assets, sell house and downsize to a smaller one/lower cost one. I know not everyone makes the big bucks but I'll bet there are ways everyone can cut their living costs if they have to. When one retires costs should go down. 1 car not 2, less driving less gas, plant a garden lots of time to tend and can food. to name just a few. Of course this should be done long before retirement.
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Re: reverse mortgage
[Re: HayDay]
#7678169
09/24/22 01:02 PM
09/24/22 01:02 PM
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Joined: Dec 2006
Posts: 631 AK / ND
aknome
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AK / ND
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Reverse mortgage is one of the biggest scams on elderly property owners to ever come down the pike. It is a sinking fund and it will eat up the equity in a home or property in a fraction of the time it took to gain it in the first place.
If a person needs money that bad, sell it. I agree 100%. My mother did one to make "improvements". Then she died, and now my sister who was her caretaker is homeless.
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Re: reverse mortgage
[Re: Badger23]
#7678177
09/24/22 01:27 PM
09/24/22 01:27 PM
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Joined: Nov 2017
Posts: 5,515 West Central MN
20scout
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West Central MN
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Have you considered selling and downsizing your stuff you don't need? At your age it may make more sense to rent or buy a smaller home than do a reverse mortgage. That's my thought but others may give you better input The problem with this is if you sell your place to downsize, it'll cost you about the same or more for a place half the size of what you have now.
Common sense is a not a vegetable that does well in everyone's garden.
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Re: reverse mortgage
[Re: g smith]
#7678180
09/24/22 01:32 PM
09/24/22 01:32 PM
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Joined: Dec 2009
Posts: 20,337 The Hill Country of Texas
Leftlane
"HOSS"
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"HOSS"
Joined: Dec 2009
Posts: 20,337
The Hill Country of Texas
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if that is the case then you obviously sold your big place way too cheap. Am I missing something?
To me, if you had no kids a reverse mortgage would make sense. If you had kids, you are just transfering your bill's to them by taking out a reverse mortgage. Now if your retirement is going poorly and your kids are supporting you then it starts making sense again.
Just my thoughts
“What’s good for me may not be good for the weak minded.” Captain Gus McCrae- Texas Rangers
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Re: reverse mortgage
[Re: g smith]
#7678208
09/24/22 02:49 PM
09/24/22 02:49 PM
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Joined: Dec 2006
Posts: 1,288 Mt.
g smith
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Keep this advise coming ! The first time I ever thought of getting one was when a old friend of mine got one and his kids were angry because they thought they would get the place free and clear . Another friend got one and for about 7 years then sold the place and pocketed $ 200,000 then moved to a apartment .When you get opinions on this forum you never know how well folks are informed on the issue BUT you know that they are not influenced by self gain . Its just that---- a honest opinion !
You can ride a fast horse slow but you can't ride a slow horse fast .
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Re: reverse mortgage
[Re: g smith]
#7678213
09/24/22 03:00 PM
09/24/22 03:00 PM
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Joined: Aug 2010
Posts: 681 Southern Wisconsin
Fishdog One
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At age 82 my Dad got an adjustable rate home equity loan rather than a reverse mortgage. When he needed money he used some home equity, had to pay the interest every month, sold the house at age 90 and still put 200 grand in his bank, paid back about $50,000
Born twice, die once
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Re: reverse mortgage
[Re: Fishdog One]
#7678218
09/24/22 03:13 PM
09/24/22 03:13 PM
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Joined: Sep 2011
Posts: 2,592 sometimes PA sometimes ME
ebsurveyor
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Posts: 2,592
sometimes PA sometimes ME
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At age 82 my Dad got an adjustable rate home equity loan rather than a reverse mortgage. When he needed money he used some home equity, had to pay the interest every month, sold the house at age 90 and still put 200 grand in his bank, paid back about $50,000 A home equity line of credit is nice to have. My credit union will give you one with no charges. Borrow what you want when you need it. Downside is you will need to make monthly payments on whatever is borrowed.
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Re: reverse mortgage
[Re: g smith]
#7678232
09/24/22 04:11 PM
09/24/22 04:11 PM
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Joined: Sep 2011
Posts: 2,592 sometimes PA sometimes ME
ebsurveyor
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Posts: 2,592
sometimes PA sometimes ME
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Who got one and regretted it ? Who got one and loved it ? Who is now debt free but strapped for income ? Tired of working and scrimping at 73 so our kids who are well fixed will inherit a free and clear place ? Why not sell it to the kids and keep a lifetime interest in the house. You could even make the payments on the mortgage from your cash windfall. The fees on a reverse mortgage are high.
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